- NGM Biopharmaceuticals ( NASDAQ: NGM ) on Monday said its phase 2 trial of its monoclonal antibody NGM621 for the treatment of eye disease geographic atrophy failed to meet its main goal.
- Shares of the small-cap biotech plunged 72.2% to $3.21 in premarket trading.
- The mid-stage trial, called CATALINA, was evaluating NGM621 for patients with geographic atrophy (GA), which is the progressive degeneration of the macula in the eye and is an advanced form of age-related macular degeneration.
- NGM said the trial did not meet the primary endpoint of statistically significant rate of change in GA lesion area using slope analysis over 52 weeks for NGM621 versus sham.
- However, the company said the treatment showed favorable safety and tolerability.
- The company plans to present further analyses in early Nov. at a conference.
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NGM Biopharma sinks ~72% after phase 2 trial of its eye degeneration treatment fails