Eleven Biotherapeutics ophthalmic news

Eleven Biotherapeutics said it will reduce headcount by 14 (70%) to about six. This month, FDA approved an IND for EBI-031 to treat ocular diseases, such as diabetic macular edema (DME). In June, the company granted Roche (SIX:ROG; OTCQX:RHHBY, Basel, Switzerland) exclusive, worldwide rights to develop and commercialize the mAb that binds IL-6 and inhibits IL-6 signaling. At March 31, Eleven had $13.4 million in cash and a three-month operating loss of $6.6 million. The company recorded a 2015 operating loss of $35.2 million. Eleven did not respond to inquiries on anticipated savings or details. ...