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 The company's shares surged 56 percent — their record intraday
percentage gain — to $5.82 on Monday, before giving up some of the
gains to trade at $5.06.
Aldeyra said the experimental drug, NS2, works by trapping small
molecules called aldehydes, which are considered to be one of the
reasons for inflammatory conditions including allergic
conjunctivitis.
This is the first clinical outcome that suggests aldehyde trapping
works in the anti-inflammatory space, Laidlaw & Co analyst Yale Jen
told Reuters.
Allergic conjunctivitis is a common eye disease characterized by an
inflammation of the membrane that covers the eye. The condition
results in excessive tear production, ocular itching, swelling and
redness.
The 100-patient study was testing those who had at least a two-year
history of allergic conjunctivitis triggered by grass, tree or
ragweed pollen, the company said.
Data from the mid-stage study showed that both single and multiple
doses were statistically significant.
Aldeyra, which is also testing the eye drug in noninfectious
anterior uveitis, said it would await data from that mid-stage study
to decide on which indication to be pursued in terms of clinical
trials.
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The Lexington, Massachusetts-based company is also evaluating the
drug in Sjogren-Larsson Syndrome, a rare genetic condition
characterized by dry, scaly skin, as well as eye and neurological
problems.
Data from the two mid-stage studies are expected in the second
quarter, the company said.
The company's shares were up 36 percent at $5.06 in mid-day trading
on the Nasdaq. More than 322,000 shares traded, nearly 30 times
their 30-day average.
(Reporting by Rosmi Shaji in Bengaluru; Editing by Shounak Dasgupta
and Sriraj Kalluvila)
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