EBIO Freefalls on Missed Trial Data
Eleven Biotherapeutics , Inc. (NASDAQ: EBIO) announced news of failed key drug data on Monday and sent shares of EBIO into freefall opening over 70% lower at $2.89 from a close on Friday of $11.97. The Company revealed to investors that the Phase III study of its primary drug candidate which treats forms of eye disease had failed.
Chief Executive Officer, Abbie Celinker noted, “We are disappointed that our Phase 3 study in dry eye disease did not meet its primary efficacy endpoints, but we are encouraged that we continue to see a favorable tolerability profile for EBI-005. Based on these top-line results, the company does not see an immediate path forward for EBI-005 in dry eye disease, and we will not be initiating the second Phase 3 study of EBI-005 in dry eye disease that we had planned to start in the second half of this year.”
Without a doubt, this is quite a blow for EBIO as well as investors due to the failure of its lead drug candidate. Although the company does have other drugs in the pipeline, EBIO’s near term future hinged on the results of the EBI-005 Phase III study, as reflected by the plunge in the stock price after the news was released.
About Eleven Biotherapeutics
Eleven Biotherapeutics, Inc., a clinical-stage biopharmaceutical company, engages in the discovery and development of protein therapeutics to treat eye diseases primarily in the United States. The company develops its therapeutics through AMP-Rx, a proprietary protein engineering platform. Its product candidates include EBI-005, a novel interleukin-1 receptor antagonist that is in Phase III clinical program for the treatment of moderate to severe dry eye diseases; and has completed Phase II clinical trial for the treatment of allergic conjunctivitis. The company’s preclinical product candidates comprise EBI-031, a novel inhibitor of the cytokine interleukin-6 for the treatment of retinal diseases, such as diabetic macular edema; and EBI-028, a novel inhibitor of the cytokine interleukin-17 for the treatment of uveitis, and other diseases of the back of the eye, such as dry age-related macular degeneration. – Yahoo! Finance