Q BioMed gains on outlook for near-term development and approval of glaucoma candidates

Q BioMed Inc (OTCMKTS:QBIO) rose Wednesday after announcing that it expects near-term development and approval of its diagnostic and therapeutic product candidates for glaucoma.

Earlier this month, the commercial-stage biotech said it had exercised its option to license from Washington University in St. Louis, a diagnostic marker known as GDF15, for determining the severity of glaucoma. Meanwhile, Q BioMed and its technology partner, Toronto-based Mannin Research Inc., are developing MAN-01, a small-molecule therapeutic, to treat primary open-angle glaucoma.

Shares of Q BioMed climbed 1.9% to $1.88 in Wednesday’s OTC Markets trading.

READ: Q BioMed and Mannin Research to develop GDF15 biomarker glaucoma diagnostic kit

“Strategically combining the GDF15 biomarker and the kit with our MAN-01 treatment for glaucoma provides a unique product offering for our patients and our clinicians to really combine both the measurement and diagnosis of the disease with an effective therapy,” CEO Dennis Corin said while taping a video interview with Street Innovators.

He added that 70 million people around the world suffer from the disease and that the number is expected to grow.

Currently, no single examination or diagnostic test can predict disease progression, according to New York-based Q BioMed.

The company said its FDA-approved, non-opioid Metastron drug for the relief of cancer bone pain is expected to begin generating revenue in 2019.

Contact Dennis Fitzgerald at [email protected]

Story by ProactiveInvestors