Duke University spinout Aerie Pharmaceuticals Inc. (NasdaqZ:AERI) nearly regained the $500 million it lost in market value five months ago when the company reported successful results for its glaucoma treatment Wednesday.
The company’s shares zoomed up 75 percent after markets closed Wednesday, restoring much of the firm’s market value. Shares closed at $18 Wednesday.
The Irvine, CA-based company said results of its second Phase 3 trial for Rhopressa, a novel once-daily, triple-action eye drop being tested for its ability to lower intraocular pressure in patients with glaucoma or ocular hypertension. The trial achieved its primary efficacy endpoint demonstrating non-inferiority of Rhopressa compared to timolol, the most widely used comparator.
“We are very impressed by these Rhopressa™ Phase 3 results from the Rocket 2 study. This product has demonstrated great promise with its novel mechanisms of action, including its ability to target the diseased tissue responsible for elevated IOP in glaucoma. The clear success demonstrated in this clinical trial, combined with the preclinical research to date on the disease-modification potential of Rhopressa™, represent key building blocks in driving Aerie toward becoming a major ophthalmic pharmaceutical company,” said Vicente Anido, Jr., Ph.D., Chairman and Chief Executive Officer at Aerie in a statement.
