BioCentury
ARTICLE | Financial News

Allergan falls on delays for wet AMD product

May 2, 2013 1:35 AM UTC

Allergan Inc. (NYSE:AGN) fell $14.88 (13%) to $98.67 on Wednesday after the company disclosed in its 1Q13 earnings that it expects a one to two year delay for AGN-150998, which is in Phase II testing to treat age-related macular degeneration (AMD). The company said an initial analysis of the Phase II program for the product did not "support directly moving to Phase III." Allergan said it plans to add an additional stage to an ongoing Phase II trial to further evaluate the product before moving to Phase III testing, but declined to disclose details.

Allergan has exclusive, worldwide rights to AGN-150998, a designed ankyrin repeat protein (DARPin) that antagonizes VEGF-A, for ophthalmic indications from Molecular Partners AG (Schlieren, Switzerland) under a 2011 deal (see BioCentury Extra, May 4, 2011). ...