Kodiak Sciences scraps development of eye disorder drug (updated)

Kodiak Sciences

24/07/2023 11:26

(Adds shares in paragraph 1, details of trial in paragraphs
2-3)
       July 24 (Reuters) - Kodiak Sciences Inc  KOD.O  decided
to discontinue development of its experimental drug to treat a
type of eye disorder, sending its shares tumbling 40% in
premarket trading on Monday.
    The decision comes after the company failed to meet the main
goal in two late-stage studies testing its antibody-based drug,
tarcocimab tedromer, against wet age-related macular
degeneration — a chronic eye disorder that causes blurred vision
or blind spots.
    The drug also led to an increase in cataracts over time in
patients enrolled in the study, the company said.
       

 (Reporting by Mariam Sunny in Bengaluru; Editing by Shilpi
Majumdar)
 ((Mariam.ESunny@thomsonreuters.com;))