Shares in the Icelandic pharmaceutical company Oculis fell by 23.5% on the Nasdaq exchange today. It can be attributed to the announcement that the company made just now about the results of tests of eye drops that did not live up to expectations.
It involved tests of OCS-01 eye drops in patients with diabetic retinopathy, but in light of the results, the company will not apply for a license for the drug from the US Food and Drug Administration (FDA).
In a notification to the Stock Exchange, Riad Sherif, MD, CEO of Oculis, states that the result is a big disappointment for the company.
“We are, of course, disappointed that the significant and sustained reduction in retinal thickness observed in both studies did not translate into an improvement in the BCVA scale at week 52. In these two studies, our team worked with 119 research centers worldwide in numerous countries and demonstrated excellent feasibility,” Riad was quoted as saying, thanking the researchers and participants in the trial.
He also says that the strong financial position will enable them to continue developing other drugs and that the company will now focus fully on the development of the next projects.
