(Reuters) -Eyenovia mentioned on Friday it can discontinue a late-stage examine for its experimental drug-device mixture to deal with near-sightedness and lower about 50% of its workforce.
Shares of the corporate had been down practically 70% at shut of buying and selling on Friday.
The drug, a low-dose atropine, was being examined with the corporate’s experimental drug-delivery system, Optejet, as a possible remedy for progressive myopia in youngsters aged between 3 and 12.
An impartial committee reviewed the security and efficacy information from 252 trial members and located that the speed of myopia development was not considerably totally different between the remedy arm and placebo.
All doses of the drug seemed to be well-tolerated with “gentle and rare” side-effects, the corporate mentioned.
Optejet delivers the drug in microdoses and reduces possibilities of overdosing in comparison with typical eyedroppers, in line with the corporate.
The drug developer mentioned it plans to overview the info extra totally and consider strategic choices, together with a enterprise mixture, reverse merger and/or sale of property.
The corporate mentioned its remaining workers can be targeted on the event of the second era of Optejet.
Earlier this 12 months, Eyenovia (NASDAQ:) had gained U.S. approval for its eye drops to cut back irritation and ache in sufferers who’ve undergone eye surgical procedure.
The corporate additionally markets a pupil-dilating spray, Mydcombi, to be used with Optejet throughout eye examinations.
