Eleven BioTherapeutics Inc (NASDAQ:EBIO) has faced a major slow down after the company’s breakthrough dry eye disease drug Phase 3 trial tanked. According to Eleven Biotherapeutics’ President and Chief Executive Officer Abbie Celniker, the findings of the study have been disappointing, and the EBI-005 drug failed to meet the expected goals.
Celniker said that the company would continue using EBI-005 to cure allergic conjunctivitis that has was supported in the Phase 2 of the clinical trials. The company has decided to leave the drug study for curing dry eye disease. The shares of the company dipped by over 70% to $3.57 per share after the announcement of the failed trial were made.
For the study, Eleven BioTherapeutics Inc (NASDAQ:EBIO) enrolled 669 patients who were suffering from the dry eye disease and examined the effects of the drug over a period of 12 weeks. The aim was to test the drug for prevention of the corneal damage and help in curing the ocular pain. According to the company, the final results were not satisfactory and the EBI-005 failed to fulfill the primary endpoints, and no improvement was observed in the study participants.
Shocking Results
The failed trial was a shock for the company and the medical experts as well, especially after the promising findings in the early phases. The previous studies had tested the safety of the drug, but the Phase 3 was initiated to check the efficiency of the drug in the treatment of the dry eye disease. The scientists were hoping to get positive results and begin further research after this phase, but all that is history now.
Focus on Pipeline Projects
The current valuation of the company was around $59 million, and that was going to support its other plans and new projects that would now be the focus. Celniker confirmed that the financial status of the company was sound enough to support investments in other pipeline projects.
The company would now concentrate on the development of a treatment for the ocular disease. He said that the team was committed to letting go of past and move on towards the next plans that involved trials of EBI-005 for the treatment of allergic conjunctivitis and testing of EBI-031 for diabetic macular eduma disease.
