Skye Bioscience rises as it begins testing higher doses of obesity drug

Shares of biotech firm Skye Bioscience SKYE.O rise 1.2% to $0.67 premarket

Co says it has begun testing higher doses of its experimental obesity drug, nimacimab, in a new expansion study

Adds the study will test 400 mg and 600 mg intravenous doses over 16 weeks to check safety and how the drug moves through the body, versus placebo

Eight patients will be enrolled per dose group; the second group will start only if no safety issues emerge after four weeks - SKYE

Earlier data showed a combination of nimacimab and semaglutide led to 22.3% average weight loss after 52 weeks, with no plateau - SKYE

Co plans to report early data in Q4 this year and will refine upcoming trials after FDA feedback

As of last close, stock down ~11% YTD