NEW YORK (TheStreet) -- Ohr Pharmaceutical (OHRP) stock is up 16.60% to $3.32 on heavy trading volume on Tuesday after the company launched a Phase 3 study for its lead drug candidate.

The New York City-based ophthalmology research and development company announced on Tuesday that it reached an agreement with the FDA regarding the design of its first Phase 3 trial for the drug. 

Ohr's treatment, known as Squalamine, treats neovascular age-related macular degeneration (AMD). AMD is a condition that can cause eye swelling and damage, according to the National Institutes of Health. 

"The initiation of our Phase III clinical program is a monumental achievement for the company and represents an important step in our mission to develop and commercialize therapeutics for unmet medical needs in ophthalmology," CEO Jason Slakter said in a statement. 

So far today, 1.26 million shares of Ohr have traded, well above the company's 30-day trading average of about 207,000 shares. 

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