Viridian Shares Rise as Eye Disease Drug Meets Trial Goal
Viridian shares rose nearly 35% as its drug elegrobart met goals in a late-stage trial. The treatment improved eye bulging and double vision in chronic patients.
VIRIDIAN THERAPEUTICS INC saw shares jump 35% Tuesday afternoon after its experimental drug elegrobart met primary goals in a late-stage trial. The results for chronic thyroid eye disease (TED) follow a March data release that triggered a sell-off despite meeting trial endpoints. Positive data positions the drug to compete in a market RBC Capital Markets estimates is worth $1 billion by 2030.
In the study, 54% of patients receiving an eight-week subcutaneous injection showed improved eye bulging at 24 weeks. This compared to 15% for the placebo group. Patients on a four-week dosing regimen saw a 50% improvement rate.
