Skye Bioscience Uplists to The Nasdaq Global Market

 

Source:  Skye Bioscience, Inc. 4/10/2024

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.