Eleven Biotherapeutics (EBIO) shares are up almost 40% in pre-market trading today. The rally has been sparked after the company announced that the FDA has approved its Investigational New Drug (IND) application for EBI-031 for the treatment of ocular diseases. The company is now entitled to a $22.5M milestone payment from licensee Roche (RHHBY). Despite the rally, EBIO remains well below its 52-week high of $8.