Kodiak Sciences slumps as co scraps development of lead drug

Kodiak Sciences

24/07/2023 14:57

(Updates)
    ** Shares of drug developer Kodiak Sciences  KOD.O  fall
60.2% to $2.9
    ** Stock top pct loser across U.S. stock exchanges 
    ** KOD says will stop further development of its
experimental eye disease drug, tarcocimab tedromer 
    ** Drug failed to meet main goal in two late-stage studies
testing it as a treatment for diabetes macular edema, a leading
cause of blindness in patients with diabetes
     ** KOD's drug failed to match Regeneron Pharmaceuticals'
 REGN.O  Eylea in improving the eye's ability to distinguish
shapes and the details of objects at a given distance 
    ** Co adds an unexpected increase in cataracts was also
observed over time in those receiving KOD's experimental drug 
in both late-stage studies 
    ** The drug last year failed to match Eylea in improving the
vision in a mid-to-late-stage trial in patients with a chronic
eye disorder that causes blurred vision or blind spots 
    ** YTD, KOD stock down ~59% 

 (Reporting by Bhanvi Satija and Pratik Jain in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))