Inotek plummets on Phase III glaucoma miss

Inotek Pharmaceuticals Corp. (NASDAQ:ITEK) sank $4.35 (71%) to $1.75 after it said trabodenoson (INO-8875) monotherapy missed the primary endpoint of the Phase III MATrX-1 trial to treat primary open-angle glaucoma or ocular hypertension. Inotek said the compound failed to show superiority vs. placebo in reducing intraocular pressure (IOP) at all of the study's time points.

The company said an unexpectedly strong placebo response, 2-3 mmHg greater than that observed in a Phase II study, contributed to the miss. The 303-patient study evaluated reductions in IOP at four times of day on days 28, 42 and 84. None of the study's three trabodenoson doses significantly separated from placebo at the earliest time point, 8 a.m., on any of days 28, 42 and 84...