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(RTTNews) - Outlook Therapeutics, Inc. (OTLK) shares are gaining more than 40 percent on Friday morning trade after the company received a positive opinion from the European Medicines Agency's Committee for Medicinal Products for Human Use or CHMP Bevacizumab ophthalmic formulation called ONS-5010.

This formulation is intended to treat wet age-related macular degeneration or wet AMD in the European Union.

The company said in a statement, "Positive opinion serves as a basis for final decision for potential authorization from the European Commission (EC), expected within 67 days"

Currently, shares are at $9.87, up 40 percent from the previous close of $7.04 on a volume of 15,538,255.

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