SAN DIEGO, April 10, 2024 (GLOBE NEWSWIRE) -- Skye Bioscience, Inc. (OTCQB: SKYE) (Skye or the "Company"), a clinical-stage biotechnology company focused on the discovery, development and commercialization of novel classes of therapeutic drugs that modulate the endocannabinoid system, with an emphasis on obesity and ocular indications, announced today that the Company has received approval to list its common stock on the Nasdaq Global Market ® stock exchange ("Nasdaq"). The Company's common stock is expected to commence trading on Nasdaq at the market open on Thursday, April 11th, 2024, under the ticker symbol "SKYE". The Company's common stock will no longer trade on the over-the-counter securities market.
"Skye's approval to trade on The Nasdaq Global Market reflects the culmination of important accomplishments in the advancement of both of our Phase 2 clinical programs, financial position, and shareholder base, which are a reflection of Skye's commitment to corporate governance and execution of its business strategy," said Kaitlyn Arsenault, Chief Financial Officer. "We believe that uplisting to the Nasdaq Global Market will enhance our visibility in the marketplace, expose us to a larger audience of investors, elevate our profile in the investment community, increase trading liquidity and ultimately enhance long-term shareholder value."
"This listing to the Nasdaq Global Market is a validation of Skye and its recent performance," said Punit Dhillon, Chief Executive Officer and Chairman. "We expect top-line clinical data from our Phase 2 glaucoma study this quarter and our fully-funded Phase 2 clinical trial for our obesity-focused peripheral CB1 inhibitor to be launched in Q3 2024."
About Skye Bioscience
Skye is focused on unlocking the pharmaceutical potential of the endocannabinoid system to treat diseases caused by metabolic disorders, inflammation, fibrosis and neurodegeneration. Backed by specialist life science investors, Skye's strategy leverages biologic targets with substantial human proof of mechanism for the development of first-in-class therapeutics with significant clinical and commercial differentiation. Skye plans to launch a Phase 2 clinical trial in obesity in Q3 2024 for nimacimab, a negative allosteric modulating antibody that inhibits peripheral CB1, comparing monotherapy and combination arms of nimacimab and a GLP-1R agonist. SBI-100 Ophthalmic Emulsion, a CB1 agonist, is being studied in a Phase 2 trial of patients with glaucoma and ocular hypertension. Skye expects top-line data from its Phase 2a glaucoma study this quarter. For more information, please visit: https://www.skyebioscience.com.
Contact
Investor Relations ir@skyebioscience.com (858) 410-0266
LifeSci Advisors, Mike Moyer mmoyer@lifesciadvisors.com 617-308-4306
Media InquiriesLifeSci Communications, Michael Fitzhugh mfitzhugh@lifescicomms.com (628) 234-3889
Forward-Looking Statements
This release may contain "forward-looking statements" within the meaning of U.S. federal securities laws, including statements regarding the Company's product development programs, business strategy, and expected plans with respect to clinical trials, including the timing of patient enrollment and clinical trial data updates. Such statements and other statements in this press release that are not descriptions of historical facts are forward-looking statements that are based on management's current expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions prove incorrect, our business, operating results, financial condition, and stock price could be materially negatively affected. In some cases, forward-looking statements can be identified by terminology including "anticipated," "plans," "goal," "focus," "aims," "intends," "believes," "can," "could," "challenge," "predictable," "will," "would," "may" or the negative of these terms or other comparable terminology. We operate in a rapidly changing environment, and new risks emerge from time to time. As a result, it is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements the Company may make. Risks and uncertainties that may cause actual results to differ materially include, among others, our capital resources, uncertainty regarding the results of future testing and development efforts and other risks that are described in the Risk Factors section of the Company's most recent annual or quarterly report filed with the Securities and Exchange Commission. Except as expressly required by law, the Company disclaims any intent or obligation to update these forward-looking statements.