(Reuters) – Kodiak Sciences Inc decided to discontinue development of its experimental drug to treat a type of eye disorder, sending its shares tumbling 40% in premarket trading on Monday.
The decision comes after the company failed to meet the main goal in two late-stage studies testing its antibody-based drug, tarcocimab tedromer, against wet age-related macular degeneration — a chronic eye disorder that causes blurred vision or blind spots.
The drug also led to an increase in cataracts over time in patients enrolled in the study, the company said.
(Reporting by Mariam Sunny in Bengaluru; Editing by Shilpi Majumdar)
