Home / Market News / Aldeyra shares slide 29% premarket after trial of eye disease treatment fails to meet goals

Aldeyra shares slide 29% premarket after trial of eye disease treatment fails to meet goals

Aldeyra Therapeutics Inc. shares were down 29% in premarket trade Tuesday, after the company said a trial of a treatment for uveitis, or inflammation of the eye, failed to meet its main goals. The company said the trial called Solace failed to achieve statistical significance in primary or secondary endpoints, “due to high rates of disease resolution in vehicle-treated patients, but activity of reproxalap was consistently greater than that of vehicle.” Aldeyra Chief Executive Todd Brady said the results “confirm the potential of reproxalap to treat ocular inflammation, and further validate the novel mechanism of action of reproxalap, which demonstrated highly statistically significant immune-modulating activity in the Phase 3 ALLEVIATE Trial and Phase 2b Dry Eye Disease trial.” The company will continue to prioritize programs in eye treatments, he said. The company will host a conference call at 8.00 a.m. Eastern. Shares have fallen 14.6% in 2019, while the S&P 500 has gained 17.5%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Read Full Story