Aldeyra Therapeutics eye treatment meets late-stage study main goal

June 15 (Reuters) – Aldeyra Therapeutics (ALDX.O) said on Thursday its treatment for a common allergic eye disease met the main goal of a late-stage study, paving the way for it to become an alternative to over-the-counter eye drops.

The liquid eye drop formulation, reproxalap, which is being developed to treat allergic conjunctivitis helped reduce itchiness, redness and tearing caused due to the disease, compared with placebo, the company said.

If approved, reproxalap is likely to become the first preferred prescription treatment for allergic conjunctivitis for patients who may have used other over-the-counter anti-histamine medications without durable relief from symptoms, Laidlaw & Company analyst Yale Jen said in a note.

Shares of the company which rose as much as 16% in premarket trading, were last up 8.2%.

Reproxalap is being reviewed by the U.S. Food and Drug Administration as a treatment for dry-eye disease, and the health regulator is expected to make a decision by Nov. 23.

The positive study data complements the Reproxalap’s commercial potential for dry-eye disease treatment, Aldeyra said.

The market potential for reproxalap is significantly larger for dry-eye disease, Oppenheimer analyst Justin Kim said.

Kim estimates the treatment to reach peak U.S. sales of $54 million for allergic conjunctivitis compared with $569 million for dry-eye disease.

Reporting by Mariam Sunny in Bengaluru Editing by Vinay Dwivedi

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Source: Reuters