ALPHARETTA, Ga. - Clearside Biomedical, Inc. (NASDAQ: NASDAQ:CLSD), a company focused on the development of therapies for ocular diseases, announced the appointment of Glenn C. Yiu, M.D., Ph.D., to its Scientific Advisory Board (SAB). Dr. Yiu, a Professor of Ophthalmology at the University of California, Davis, brings extensive expertise in retinal diseases, particularly age-related macular degeneration (AMD (NASDAQ:AMD)).
Dr. Yiu's appointment to the SAB is expected to provide valuable insights into the company's research and development efforts, especially regarding its lead program, CLS-AX, which is currently in Phase 2b clinical testing for the treatment of wet AMD. With his background in ocular imaging technologies, gene therapy, and translational research, Dr. Yiu's role will be to guide Clearside Biomedical's pipeline expansion and the next stages of development for their novel suprachoroidal delivery technique.
Clearside Biomedical's SCS injection platform, which utilizes their patented SCS Microinjector®, allows for targeted delivery of therapies to the back of the eye. This method has potential applications beyond steroids, including angiogenesis inhibitors and gene therapies.
Dr. Yiu has a distinguished career as a clinician-scientist and vitreoretinal surgeon. He has pioneered the use of CRISPR-based genome editing for wet AMD treatment and developed microneedles for suprachoroidal gene delivery. His work also includes leading a translational research program at UC Davis and serving in multiple leadership roles within the ophthalmology research community.
Clearside Biomedical's SCS Microinjector® is part of an in-office, non-surgical procedure that enables the compartmentalized delivery of a wide variety of therapies to the macula, retina, or choroid. The company's first product, XIPERE® for suprachoroidal use, is FDA-approved and commercially available in the U.S.
In other recent news, Clearside Biomedical has been making strides in its operational and financial performance. The company reported a net loss of $12 million, with operational expenses standing at $8 million, lower than the estimated $10 million. Clearside ended the first quarter of 2024 with $35 million in cash, providing financial stability into the third quarter of 2025.
The company's lead product candidate, CLS-AX, is currently in the Phase 2b ODYSSEY trial, which is expected to read out data in the third quarter of 2024. The trial aims to demonstrate the efficacy of CLS-AX in treating wet Age-related Macular Degeneration (AMD).
Analysts from H.C. Wainwright have revised Clearside Biomedical's price target to $5 from the previous $6 while maintaining a Buy rating. Similarly, JMP Securities maintains a "MARKET OUTPERFORM" rating with the same price target of $5.00.
The company's recent appointment of Dr. Victor Chong as Chief Medical Officer and Tony Gibney to the Board of Directors is expected to strengthen its leadership team.
InvestingPro Insights
In light of the recent appointment of Dr. Glenn C. Yiu to the Scientific Advisory Board of Clearside Biomedical, Inc. (NASDAQ: CLSD), potential investors and current shareholders may find the following insights from InvestingPro valuable for understanding the company's financial health and market position.
InvestingPro Data for Clearside Biomedical indicates a market capitalization of approximately $91.92 million USD, reflecting the company's size and market value as of the last twelve months leading up to Q1 2024. Despite an impressive revenue growth rate of 758.94% for the same period, the company's P/E ratio stands at -2.63, suggesting that investors are wary of the company's earnings potential in the near term.
One of the key InvestingPro Tips for Clearside Biomedical is the analysts' anticipation of a sales decline in the current year, which may be a concern for investors looking for sustained growth. Additionally, the company's cash burn rate is noted as rapid, which could impact its ability to fund ongoing research and development without seeking additional capital.
For a more comprehensive analysis and additional InvestingPro Tips, including whether analysts believe the company will achieve profitability this year and the implications of its current debt levels, interested parties can visit https://www.investing.com/pro/CLSD. There are 6 more InvestingPro Tips available, which could provide deeper insights into the investment potential of Clearside Biomedical.
For those considering an InvestingPro subscription, remember to use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription. These insights, combined with the expertise of Dr. Yiu, could shape the future trajectory of Clearside Biomedical's innovative ocular therapies.
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