Unity Biotech hits record low after eye drug fails in mid-stage study

Unity Biotechnology

27/03/2023 17:56

(Updates)
    ** Shares of drugmaker Unity Biotechnology  UBX.O  slump 53%
to a record low of $1.95 
    ** UBX says its drug UBX1325 did not meet main goal of
showing "non-inferior gains" in vision clarity vs Regeneron
Pharmaceuticals'  REGN.O  drug Eylea
    ** Unity was testing the drug in a mid-stage study in
patients with wet age-related macular degeneration (wAMD) who
were not achieving maximum treatment benefits with ongoing
anti-VEGF therapy
    ** Anti-VEGF therapies help reduce new blood vessel growth
and are used for the treatment of wAMD, a type of disorder in
which new abnormal blood vessels develop under the retina
    ** Company is also studying the drug as a treatment for
macular edema (DME), the most common cause of vision loss in
diabetic patients
    ** Mizuho Securities cut price target on stock from $12 to
$6; also reduced probability of success for the drug in DME
patients from 33% to 25% following data
        ** Brokerage says UBX is relying primarily on data from
diabetic macular edema trial, expected in April, at least for
the foreseeable future 
  
    ** As of last close, UBX up ~51% so far this year

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