Shares of Ocugen ticked higher after its treatment for retinitis pigmentosa, or RP, a type of genetic eye disorder, got provisional approval and priority designation from regulators in the Bahamas.

The stock was up 2.9% to $1.03 in premarket trading on Friday. At Thursday's market close, shares were down 26% year to date.

Ocugen said it got the approval for OCU400 from the Larta Board, the regulatory agency responsible for reviewing and approving longevity and regenerative therapy programs in the Bahamas.

The biotechnology company plans to treat the first RP patient with OCU400 within 90 days following full Larta approval.

OCU400 is currently in Phase 3 development, targeting a broad RP indication from early- to late-stage disease and pediatric to adult patients.