IVERIC bio (ISEE) shares skyrocketed 78% in afternoon trade after the company said Monday that its drug Zimura met its primary endpoint in reducing the rate of geographic atrophy growth in patients with dry age-related macular degeneration.
In a phase 2b clinical trial, the reduction in the mean rate of growth over 12 months was 27.38% for the Zimura 2 mg group, compared with the corresponding sham control group and 27.81% for the Zimura 4 mg group, compared with the corresponding sham control group, the company said in a statement.
The overall data indicates a dose response relationship across treatment groups, according to a statement.
Zimura was well-tolerated after being administered for 12 months.there were also no reported Zimura-related inflammation.
“Based on these data, we intend to explore all options for the future development of Zimura, including the possibility for collaboration opportunities, licensing and / or potentially further internal development,” IVERIC bio President and Chief Executive Glenn Sblendorio said in a statement.