Stock plummets at EyeGate following Phase IIb flop for cataract surgery

The share price is cratering to pennystock territory at EyeGate $EYEG, a pharma company making treatments for pain and inflammation following eye surgery, after news that its drug neither reduces pain nor inflammation as much as they hoped.

Barbara Wirostko

The Waltham-based company’s investigational product EGP-437 just wrapped up Phase IIb trials testing 106 patients at seven US clinical sites. The trial tested the drug in patients immediately following cataract surgery. The study failed both its co-primary endpoints: proportion of subjects with an anterior chamber cell count of zero at day seven, and the proportion of subjects with a pain score of zero at day one. Neither showed statistical significance.

The company’s stock plunged over 40% in pre-market trading (as of press time), dropping from $1.02 per share to pennies per share.

Despite the drugs’ failures, the company’s statement on the matter is rather optimistic.

“The magnitude of reduction for EGP-437 compares favorably with the historical data from studies of other anti-inflammatory products, which we believe is an encouraging sign,” said Randall Olson, a strategic adviser to EyeGate, in a statement.

EyeGate’s CMO Barbara Wirostko said the company will review the data to determine next steps.

The best place to read Endpoints News? In your inbox.

Comprehensive daily news report for those who discover, develop, and market drugs. Join 31,500+ biopharma pros who read Endpoints News by email every day.

Free Subscription

RAPS Convergence 2018

Chief Medical Officer
Skyhawk Therapeutics Waltham, MA
Chief of Staff, North America
Ipsen Biopharmaceuticals Cambridge, MA
Senior Director, NA Digital Customer Interaction
Ipsen Biopharmaceuticals Cambridge, MA
GMP Supervisor - Downstream
Molecular Templates Austin, TX
Quality Control (QC) Associate
Molecular Templates Austin, TX

Visit Endpoints Careers ->