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.
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.