Inotek tanks on disappointing glaucoma drug trial

US biopharma company Inotek Pharmaceuticals (Nasdaq: ITEK) saw its share price decimated after announcing top-line results of MATrX-1, the first pivotal Phase III trial of trabodenoson for the treatment of primary open-angle glaucoma (POAG) or ocular hypertension (OHT). The shares were down more than 70% at $1.80 by mid-morning trading

The trial did not achieve its primary endpoint of superiority in reduction of intraocular pressure (IOP) compared with placebo at all 12 time points. This was, in part, due to a placebo response that was 2-3 mmHg greater than that observed in Phase II. Trabodenoson, the company’s lead clinical candidate, is a first-in-class, highly selective adenosine mimetic targeting the A1 subreceptor. Trabodenosonlowers IOP by augmenting the eye’s natural function of the trabecular meshwork, the primary outflow pathway for aqueous humor and a site of pathology in glaucoma.

But achieved several clinically meaningful secondary endpoints