Skye Bioscience, Inc. announced that it has received $40 million in funding

Skye Bioscience, Inc. is a clinical-stage biotechnology company focused on the discovery, development and commercialization of novel classes of therapeutic drugs that modulate the endocannabinoid system. The Company's clinical assets focus on the modulation of cannabinoid receptor 1 (CB1) to provide novel treatments and alternatives for diseases caused by metabolic disorders, inflammation, fibrosis and neurodegeneration, such as obesity and glaucoma. Its Phase 2 clinical candidates include nimacimab, a negative allosteric modulating antibody that inhibits peripheral CB1 receptors, being developed for the treatment of obesity and SBI-100 Ophthalmic Emulsion (SBI-100 OE), a CB1 agonist (activator), being developed for the treatment of glaucoma and ocular hypertension. The Company's Phase 2 study in obesity is designed to evaluate nimacimab's weight loss potential either as a single agent or in combination with a glucagon-like peptide-1 (GLP-1) agonist like semaglutide.