EyePoint to halve workforce after experimental drug fails second late-stage trial
EYPT•EyePoint said it would cut about 53% of its workforce and stop studies of Duravyu for wet age-related macular degeneration after the drug failed a second late-stage trial. The company expects the moves to save about $30 million annually, despite roughly $9 million in severance charges.
1. Trial setback and cuts
EyePoint said it would cut about 53% of its workforce and stop studies of its experimental drug Duravyu for wet age-related macular degeneration after the treatment failed a second late-stage trial. Shares fell more than 75% in premarket trading.
2. Results and next steps
Patients given Duravyu showed improved vision, but the drug failed to prove as effective as Eylea in preserving eyesight, the company said. The setback followed a similar failure in August. EyePoint expects workforce reductions and ending the trials to save about $30 million annually, despite roughly $9 million in severance charges, and plans to focus on developing Duravyu for diabetic macular edema, with late-stage results expected in late 2027.
