Skye Bioscience on Monday announced that it would discontinue development of its experimental eye disease treatment. According to reports, the decision came after the drug failed to meet the main goal of a mid-stage study.
Meanwhile, the development dragged the company’s shares down 41 percent, as reported by news agency Reuters.
The eye drop, SBI-100, failed to lower eye pressure in patients with primary open-angle glaucoma as was intended, the company said in a statement.
In this kind of glaucoma, the eye does not drain fluid properly and leads to a gradual increase in eye pressure.
Skye said it intended to discontinue clinical development and spending related to the treatment and direct all clinical development resources to its obesity drug program, extending its operating runway into 2027.
