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Investing.com — Shares of Ocular Therapeutix Inc (NASDAQ:OCUL) tumbled over 34% Friday after the failure of its Phase 2 clinical trial of OTX-CSI to treat dry eye disease.
Ocular Therapeutix shares are trading around the $7.09 mark, its lowest level in over a year.
The Massachusetts-based company said the trial did not meet its primary endpoint of increased tear production at 12 weeks as measured by the Schirmer’s Test.
The goal of the Phase 2 U.S.-based clinical trial of OTX-CSI was to assess the safety, tolerability, durability, and efficacy of two different formulations of OTX-CSI by measuring signs and symptoms of dry eye disease in 140 subjects treated in both eyes over 16 weeks.
“While we are disappointed by these results, demonstrating clinical benefit in patients with dry eye disease remains a significant unmet need and we will continue to review the data for additional information that may inform future development of this program,” said Antony Mattessich, president and CEO of Ocular Therapeutix.
“We remain confident in the potential of our hydrogel-based formulation technology and its ability to deliver innovative ophthalmology therapies,” he added.
H.C. Wainwright analyst Yi Chen recently increased Ocular Therapeutix’s price target to $18 from $17, reiterating a buy rating after the FDA approved Dextenza to treat ocular itching.
