Skye Biosciences Inc (OTCMKTS:SKYE) Stock Pulls Back: Company Engages Clinical Trial Site in Agreement with CMAX Clinical Research

In the past week, there has been considerable attention on the Skye Biosciences Inc (OTCMKTS:SKYE) stock from among investors and that has been apparent in the price action in the stock. During the period, the stock managed to clock gains of as much as 6% and hence, it may be the right time for investors to start taking an interest in it.

Market Reaction

On Thursday, SKYE stock moved down 1.35% to $0.0365 with more than 359K shares, compared to its average volume of 1.23 million shares. The stock moved within a range of $0.0337 – 0.0377 after opening trade at $0.0352.

Skye Bioscience Engages Clinical Trial Site for Phase 1 Study in Agreement with CMAX Clinical Research

As it happens, the pharmaceutical company was in the news yesterday after it announced that it had decided to retain the services of CMAX Clinical Research. CMAX Clinical Research is going to help the company with regards to the enrolment of healthy volunteers for the Phase 1 study that is going to be conducted by Skye into SBI 100 Ophthalmic Emulsion, its lead candidate.

In this regard, it is also necessary to note that CMAX Clinical Research is also going to be responsible for the administration of the medicine. The study in question will be managed by CMAX at its state of the art facility located in Adelaide in Australia. At this point in time, it may be a good idea for investors to consider adding the Skye stock to their watch lists.

Key Quote

“We look forward to running this first-in-human trial for SBI-100 Ophthalmic Emulsion,” said Dr. Sepehr Shakib, Consulting Medical Director of CMAX and principal investigator for the SBI-100 OE Phase 1 study. “We have submitted the protocol for this study to the Human Research Ethics Committee (HREC). We are working closely with the Skye team to prepare for enrollment of our first participants in this study upon approval from HREC and filing of the Clinical Trial Notification to the Australian Therapeutics Goods Administration.”

Traders Review

SKYE stock is trading below the 20-Day and 50-Day Moving averages of $0.0355 and $0.0366 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0759.


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