In­otek starts off 2017 with a PhI­II fail­ure for lead drug, shares crater

The New Year in biotech got start­ed this morn­ing in just the same style it end­ed 2016; with a small biotech re­port­ing a late-stage fail­ure for a lead drug and watch­ing its share price crater.

To­day it was In­otek’s $ITEK turn to find the best spin pos­si­ble af­ter tra­bo­deno­son flunked its first Phase III for glau­co­ma or oc­u­lar hy­per­ten­sion. The drug failed the pri­ma­ry end­point, re­duc­ing in­traoc­u­lar pres­sure at 12 time points over 84 days of treat­ment. And its stock im­me­di­ate­ly plunged more than 60%.

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