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(Reuters) - Inotek Pharmaceuticals Corp said on Friday it would evaluate strategic options after its sole experimental eye drug failed another trial, sending the company's shares tumbling 45 percent in extended trading.
The mid-stage trial testing the drug, trabodenoson, in combination with latanoprost, failed to show benefit in patients with the most common form of glaucoma and those with higher-than-normal ocular pressure, versus latanoprost alone.
The data comes six months after trabodenoson failed to reduce fluid pressure in the eye in a late-stage monotherapy trial, compared to a placebo.
"Based on these results and the results previously reported ... we are evaluating the future clinical potential of trabodenoson," the company said.
Other companies developing treatments for glaucoma include Aerie Pharmaceuticals Inc, which is awaiting the U.S. Food and Drug Administration's decision on its drug Rhopressa and a device by Ocular Therapeutix Inc that can be inserted into the eye to deliver regular glaucoma medication.
Glaucoma is considered the second-leading cause of blindness in the world, according to the World Health Organization. Fluid pressure is a key indicator of glaucoma risk.
Inotek named Perella Weinberg Partners as financial adviser to assist in the strategic review process.
Inotek's shares were trading at 95 cents after the bell.
Reporting by Divya Grover in Bengaluru; Editing by Shounak Dasgupta