Aldeyra Therapeutics Inc. (NASDAQ:ALDX) saw its shares soar over 50% higher in premarket trade after the biotechnology company reported positive results from a phase 2a trial of its treatment for dry eye disease.
In a statement, the Nasdaq-listed company said that based on statistically and clinically significant activity across a number of sign and symptom endpoints and tolerability, the ADX-102 treatment was nominated for advancement.
The group said it now expects to initiate a phase 2b trial in the first half of 2018.
Aldeyra’s chief executive Todd Brady said: “These data represent the fourth set of positive phase 2 results with ADX-102 in ocular inflammation.
"The breadth of activity across noninfectious anterior uveitis, allergic conjunctivitis, and now dry eye disease confirms the potential of ADX-102 as an important and differentiated therapy in ophthalmology."
In reaction to the news, Aldeyra shares were up 52.38%, putting them on track to open at the highest level seen in over nine months.
