Ocular Therapeutix (OCUL) - Get Ocular Therapeutix Inc Report shares lost more than a third of their market value on Friday after the biopharma focused on diseases of the eye said that a drug candidate to treat dry-eye disease did not meet its primary endpoint in a clinical trial.
At last check the stock was off 35% at $7.05. Shares have traded on Friday at a 52-week low of $6.95, down 36% from Thursday.
The Phase 2 U.S.-based trial was designed to evaluate the safety, tolerability and efficacy of two formulations of the drug, OTX-CSI. The primary endpoint was increased tear production after 12 weeks.
The company, based in Bedford, Mass., said that no serious adverse events occurred. The drug was well tolerated with a favorable safety profile.
"While we are disappointed by these results, demonstrating clinical benefit in patients with dry eye disease remains a significant unmet need and we will continue to review the data for additional information that may inform future development of this program,” President and Chief Executive Antony Mattessich said in a statement.
"We look forward to our anticipated Phase 2 top-line read out for OTX-DED for the short-term treatment of signs and symptoms of dry eye disease. In addition, we expect to provide updates on other pipeline programs being developed to treat glaucoma and wet age-related macular degeneration."
Ocular Therapeutix's first commercial drug product, dextenza, is approved by the Food and Drug Administration as a corticosteroid designed to treat inflammation and pain following eye surgery and itching associated with allergic conjunctivitis.