Kodiak Sciences Plunges Nearly 80% As Macular Degeneration Drug Trial Misses Primary Endpoint

Shares of Kodiak Sciences Inc. (KOD) plunges nearly 80% on Wednesday morning hurt largely by the biopharmaceutical company's disappointing results from a Phase 2b/3 trial of its treatment for age-related macular degeneration.

KOD is currently trading at $10.57, down $39.78 or 79.01%, on the Nasdaq.

Kodiak Sciences said that phase 2b/3 study of KSI-301 in patients with neovascular (wet) age-related macular degeneration did not meet the primary efficacy endpoint of showing non-inferior visual acuity gains for subjects dosed on extended regimens compared to aflibercept given every eight weeks.

KSI-301, a novel antibody biopolymer conjugate, was safe and well tolerated in the study, with no new or unexpected safety signals, the company added.

According to the company, a pre-specified secondary analysis at year 1 assessing durability showed 59% of patients in the KSI-301 arm achieved five-month dosing with visual acuity gains and anatomic improvements comparable to the overall aflibercept group.

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