- The company stated that its trial demonstrated that 55% of the patients showed a 30% or greater reduction in lesion size compared to the control group.
- Ocugen also noted a 27% slower rate of damage to important eye cells, which is linked to better vision.
- The company also added that a subgroup analysis showed a 33% reduction in lesion growth compared to the control group in the medium-dose OCU410, while similar reductions were observed in the high-dose group.
Ocugen Inc. (OCGN) shares tanked more than 13% in Tuesday’s opening trade after the company announced an update in its gene therapy trial for geographic atrophy (GA) secondary to dry age-related macular degeneration (dAMD).
Ocugen said 12-month Phase 2 trial data showed its drug OCU410 significantly reduced lesion growth at the dose planned for Phase 3.
Retail sentiment on Stocktwits around Ocugen trended in the ‘neutral’ territory, with message volumes at ‘high’ levels.
What Did Ocugen Announce?
Ocugen stated that its trial demonstrated that 55% of the patients in the study showed a reduction of 30% or more in the lesion size when compared to the control group. The company also noted that there was a 27% slower rate of damage to important eye cells, which is linked to better vision.
Ocugen also added that a subgroup analysis showed 33% reduction in lesion growth compared to the control group in medium dose OCU410, while similar reductions were observed in the high dose group.
“We have confirmed robust treatment effect from a well-controlled Phase 2 trial of a genetic medicine for GA. Now we can move on to Phase 3 with a high degree of confidence,” said Ocugen CEO Shankar Musunuri.
The company stated that the global prevalence of dAMD is 266 million, while GA affects approximately up to three million people in the U.S. and Europe. The company says this number is expected to increase significantly as populations age.
GA is an advanced stage of dAMD marked by progressive damage to the macula, resulting in permanent loss of central vision.
Ocugen said that there were no OCU410-related serious adverse events observed in the Phase 2 trial. It also said that there were no cases of endophthalmitis, retinal detachment, vasculitis, choroidal neovascularization, or ischemic optic neuropathy reported to date.
What Does Ocugen Do?
Ocugen is a Malvern, Pennsylvania-based biotechnology company that is developing novel gene therapies to address major blindness diseases.
OCU410 is an investigational gene therapy injected under the retina that delivers RORA, a protein that controls key pathways involved in protecting and maintaining the retina.
OCGN stock is up 36% year-to-date and 187% over the past 12 months. The S&P Kensho New Economies Composite ETF (KOMP) is up 21% over the past 12 months, while the Vanguard Health Care Index Fund ETF Shares (VHT) is down 1%.
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