Eleven plummets after Phase III dry eye miss

Eleven Biotherapeutics Inc. (NASDAQ:EBIO) sank $8.28 (69%) to $3.69 on Monday after lead candidate EBI-005 missed the co-primary endpoints in the Phase III OASIS trial to treat moderate-to-severe dry eye disease.

In OASIS, EBI-005 did not lead to a statistically significant improvement from baseline on total corneal fluorescein staining score or patient-reported measures of ocular pain at week 12 compared with the control arm. ...