** Shares of drug developer Outlook Therapeutics OTLK.O rise 58% to 49 cents premarket

** Co says it plans to resubmit a marketing application for its eye disease treatment in June after the U.S. FDA declined to approve it in December

** OTLK's treatment, Lytenava, targets wet age-related macular degeneration, a common eye disease that causes vision loss due to leaking blood vessels in the retina

** In its formal response to an appeal from Outlook, the FDA concluded that substantial evidence of effectiveness for Lytenava has been established, OTLK says

** Lytenava is a specific, officially authorized formulation of FDA-approved drug bevacizumab

** Up to last close, stock down 80% YTD