Ocuphire Pharma (NASDAQ:OCUP) stock is falling on Thursday after the company posted results from a Phase 2 clinical trial.
The clinical trial evaluated the use of APX3330 as a treatment for diabetic retinopathy (DR). Unfortunately for holders of OCUP stock, the clinical trial did not meet its primary endpoint. This had to do with the local administration of anti-VEGF intravitreal injections.
However, not all hope is lost for APX3330. Ocuphire Pharma did see the drug meet key secondary endpoints of the Phase 2 clinical trial. The company also noted that the drug has had a “favorable safety profile” during the clinical trial.
The specific endpoint Ocuphire Pharma is riding on is that no patients experienced a “binocular ≥ 3-step worsening of DRSS [diabetic retinopathy severity scale] from baseline.” The company says the results from this could support a Phase 3 clinical trial of the treatment.
Professor of Ophthalmology at the Cole Eye Institute of the Cleveland Clinic Foundation, Peter Kaiser, MD, said the following about the study results:
“If these results are confirmed in Phase 3 and APX3330 is subsequently approved, healthcare providers would have an important new primary preventative therapeutic option that could be used in a large number of patients who are earlier in the course of disease.”
What This Means for OCUP Stock
While shares of OCUP stock aren’t doing hot today, that may change if APX3330 can bring positive data in a Phase 3 clinical trial. That means investors will want to keep an eye on the stock for a potential turnaround.
OCUP stock is down 20% as of Thursday morning.
Investors seeking out all of the latest stock market news are in luck!
We’ve got all of the hottest stock news traders need to know about on Thursday! A few examples include what’s happening with Bridger Aerospace (NASDAQ:BAER) and Qualtrics International (NASDAQ:XM) as well as this morning’s biggest pre-market stock movers. All that news is ready to go at the links below!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.