Shares of the bio-pharmaceutical company plummeted on Tuesday after saying that its Phase 3 clinical trial for the treatment of glaucoma did not "achieve superiority to the placebo." Inotek Pharma (ITEK) tested the drug at 12 time points. CEO David Southwell said that "we are disappointed that the primary endpoint of superiority at all 12 time points was not achieved." He added, "This result was driven primarily by the unexpectedly stronger placebo response at the 8 a.m. time point." The company is waiting to collect additional data before moving forward. TheStreet's Adam Feuerstein, says this isn't a good start for the new year but they aren't the only company with problems. Aerie Pharmaceuticals (AERI) - Get Aerie Pharmaceuticals, Inc. Report had manufacturing trouble with the development of its glaucoma drug forcing a delay in its approval filing.
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