Business
Skye Completes $17M Financing and Acquires Novel Phase 2-Ready CB1-Inhibiting Monoclonal Antibody
Acquisition of Bird Rock Bio builds Skye's position as a leading endocannabinoid system-focused pharmaceutical company New capital funds anticipated Phase 2a
About this update from Skye Bioscience, Inc.
[{"type":"text","content":"Acquisition of Bird Rock Bio builds Skye's position as a leading endocannabinoid system-focused pharmaceutical company\n\nNew capital funds anticipated Phase 2a glaucoma clinical trial\nNimacimab is a first-in-class peripherally-restricted negative allosteric modulator antibody inhibitor of CB1 signaling\nPhase 1 results for SBI-100 Ophthalmic Emulsion, a first-in-class CB1 agonist/activator and Skye's lead product candidate, expected by the end of Q3 2023; Phase 2a glaucoma study focused on lowering intraocular pressure expected to start patient dosing in Q4 2023\nPlease find an on-demand call and related slides available at 5:00 am PT/8:00 am ET on the investor News and Events section of Skye's website\n\nSan Diego, California--(Newsfile Corp. - August 21, 2023) - Skye Bioscience, Inc. (OTCQB: SKYE) (\"Skye\" or the \"Company\") announced that it has undertaken a strategic initiative that expands the Company's resources and technologies focused on developing therapeutic products focused on the endocannabinoid system (\"ECS\").\nSkye raised $17M in new capital and acquired Bird Rock Bio Inc. (\"Bird Rock\"). With Bird Rock's lead asset, nimacimab, Skye intends to advance two complementary but distinct Phase 2 first-in-class drug products targeting the cannabinoid 1 receptor (\"CB1\"), focusing initially on glaucoma and chronic kidney disease.\n\"The endocannabinoid system holds significant promise,\" said Andy Schwab, Managing Partner, 5AM Ventures, the lead investor in the financing. \"We recognized the merit of Skye's CB1 agonist technology focused on glaucoma and saw the fit with Bird Rock's CB1 negative allosteric modulator and are pleased to invest in the advancement of Skye's clinical development plan.\"\n\"Nimacimab is poised to deliver on the promising potential of safe CB1 inhibition,\" said Paul Grayson, CEO, Bird Rock. \"Prior pre-clinical and clinical data demonstrated positive safety and tolerability of nimacimab. There have been no observed effects on the central nervous system, which has been a challenge with certain other CB1-inhibitors. We look forward to the Skye team moving this program into Phase 2.\"\n\"Skye plans to move its two first-in-class programs through proof-of-concept clinical trials over the next two years,\" said Punit Dhillon, CEO and Chairman of the Board of Directors of Skye. \"We expect Phas...