Ocular Therapeutix Inc (NASDAQ:OCUL) shares were moving in Tuesday morning trading after the company announced disappointing results from its Phase 3 testing of a new glaucoma treatment.
Shares of Ocular fell 20.8% after results showed that recent trials did not significantly reduce intraocular pressure (IOP) in patients with glaucoma or ocular hypertension.
The Bedford, Massachusetts-based biopharmaceutical company is developing OTX-TP, an eye insert that delivers the drug travoprost versus the common method of daily eye drops.
Phase 3 trials were designed to achieve statistically superior reduction of IOP using nine different time points over a 12-week period. The trial did not achieve its primary endpoint of a significant decrease in IOP during all nine patient check-ins.
OTX-TP-treated subjects did have a greater reduction in eight of the nine time points and was generally well-tolerated with no serious adverse events, Ocular said in a statement.
“We are encouraged by the results of this trial which shows OTX-TP’s ability to lower IOP out to 12 weeks with a single insert using this novel dosage form,” stated Ocular's Chief Medical Officer Michael Goldstein in a statement.
“In our opinion, this product candidate represents a new opportunity for treating glaucoma patients that has the potential to address one of the biggest issues we deal with in clinical practice, the challenges patients have in taking eye drops.”
The company will continue to review the data from the trial, according to Goldstein. “We look forward to meeting with the FDA to discuss these results before determining the next steps in our clinical development plans.”
Ocular shares were sitting at $2.67 on Tuesday morning.
Contact Angela at angela@proactiveinvestors.com
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