Kodiak Sciences slumps on plan to scrap lead drug development

Kodiak Sciences

24/07/2023 11:52

** Shares of drug developer Kodiak Sciences  KOD.O  fall
~51% to $3.6 premarket
    ** Stock top pct loser across U.S. stock exchanges premarket
    ** KOD says will stop further development of its
experimental eye disease drug, tarcocimab tedromer 
    ** Co says 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 says drug failed to match Regeneron Pharmaceuticals'
 REGN.O  Eylea in improving the vision of patients 
    ** Co says an unexpected increase in cataracts was also
observed over time in those receiving KOD's experimental drug 
in both late-stage studies 
    ** As of last close, KOD up 1.82% this year

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