PYC Therapeutics (ASX:PYC) said it is advancing to a global multiple ascending dose (MAD) study of its investigational drug candidate PYC-001 in patients with autosomal dominant optic atrophy (ADOA) following the review of the single ascending dose (SAD) study, according to a Thursday filing with the Australian bourse.

The Safety Review Committee reviewed the four-week safety/tolerability data for the third and final patient cohort in the SAD study and confirmed that there are no safety concerns in any of the three doses assessed in the study, the filing said.

ADOA is a blinding eye disease affecting 1 in every 35,000 people.

The phase 1/2 MAD study is expected to begin in the fourth quarter of the year, per the filing.

Shares fell more than 4% in afternoon trade on Thursday.