Shares of Glaukos Corp. jumped after announcing the FDA has approved its newest treatment that it says is paradigm-changing for the treatment of glaucoma.
Glaukos (NYSE: GKOS) increased 22% to $73.82 and a $3.6 billion market cap after the Aliso Viejo-based company announced the approval of its iDose TR.
“The FDA approval of iDose TR represents a significant milestone for Glaukos following an extensive pioneering journey since the inception of the original idea nearly 15 years ago,” Glaukos Chairman and Chief Executive Tom Burns said in a statement. “We believe iDose TR can be a transformative, novel technology able to fundamentally improve the treatment paradigm for patients with open-angle glaucoma or ocular hypertension.”
The FDA approval is based on results from two prospective, randomized, multicenter, double-masked, Phase 3 pivotal trials involving 1,150 subjects across 89 clinical sites.