Shares of Ocular Therapeutix, Inc. (OCUL) are down 28% in after hours trading after the company said its lead eye drug for the treatment of ocular inflammation and pain following cataract surgery failed to meet one of the main goals in a second late-stage study.
The drug, OTX-DP (Sustained Release Dexamethasone, 0.4mg), was effective in reducing pain in patients who had cataract surgery, but failed to reduce the inflammation in the eyes, the company said.
Both endpoints needed to be met for the trial to be considered successful, Ocular Therapeutix said.
“Following the favorable results from our first Phase 3 trial, we are disappointed that the second Phase 3 clinical results for resolution of inflammation did not have the same magnitude of differential as what OTX-DP achieved in the first trial,” said in a statement Amar Sawhney, Ph.D., President and CEO. “Although the efficacy results for the absence of inflammatory cells in the OTX-DP treatment group met our expectations, the placebo group response was significantly higher than expected..”
OCUL shares recently lost $9.80 to $28.50. In the past 52 weeks, shares of Bedford, Massachusetts-based biopharmaceutical company have traded between a low of $11.90 and a high of $44.19. Shares are up 191% year-over-year and 62.84% year-to-date.