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AP
OccuLogix, TLC Vision Drop on Bad Study
Friday February 3, 9:02 am ET
OccuLogix, TLC Vision Shares Drop After Early Data Shows Eye Treatment Study Failed
ST. LOUIS (AP) -- Shares of OccuLogix Inc. plummeted Friday after the Canadian eye-disease treatment maker and majority-owner TLC Vision Corp. said a late-stage clinical trial to test an age-related blindness treatment failed according to a preliminary analysis of the data.
OccuLogix shares dropped $9.30, or 73 percent, to $3.45 in premarket activity. Shares of TLC, which owns 51 percent of OccuLogix, were also down, falling $2.33, or 29.4 percent, to $5.60. Both stocks were trading below their 52-week lows before the market opened.
The companies said a Phase III clinical trial of the Rheo system for treating the dry form of age-related macular degeneration did not show a statistically significant difference over placebo, and that an "anomalous" response in the placebo group was the reason for the failure.
Dry age-related macular degeneration occurs when protein and lipid deposits build up in capillaries in the center of the retina and block vision. The Rheo system is intended to filter blood and recirculate it to help clear the deposits.
The companies said that there were subgroups within the study that did show significant improvement in vision but that data needed further analysis.
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