Shares in Ohr Pharmaceutical (NSDQ:OHRP) dropped -83% to trade at 35¢ apiece this morning after the company revealed that its topical therapy did not meet the primary endpoint of a trial evaluating its efficacy as a treatment for wet age-related macular degeneration.
The company’s Mako study randomized patients 1:1 to receive either Ohr’s topical, twice-daily squalamine therapy in combination with monthly Lucentis injections or a placebo combined with Lucentis.
The trial’s primary efficacy endpoint was the mean visual acuity gain at nine months. Topline data showed that 119 patients receiving the squalamine combination therapy had a mean gain of 8.33 letters from baseline compared to 10.58 letters from baseline for the 118 patients who received Lucentis and the placebo.
“We are very disappointed with the outcome of the Mako study,” CEO Jason Slakter said in prepared remarks. “We are grateful to the patients and physicians who participated in the clinical trial. Based on these results, we intend to evaluate strategic alternatives to maximize shareholder value.”