EyePoint plummets after second failure for eye disease drug
EYPT•EyePoint said its second late-stage trial of Duravyu failed to meet its main goal, sending shares down 76.9% in premarket trading. The company plans to cut about 53% of its workforce, halt other late-stage studies early and prioritize Duravyu’s development for diabetic macular edema.
1. Trial setback and cuts
EyePoint said its second late-stage trial of experimental eye disease drug Duravyu failed to meet its main goal. The company plans to cut about 53% of its workforce and halt other late-stage studies for wet age-related macular degeneration before completing their second year. It will prioritize developing Duravyu as a potential treatment for diabetic macular edema, which causes vision loss. EyePoint estimated it had about $118 million in cash, cash equivalents and short-term investments as of September 30.
