** Shares of drug developer Aldeyra Therapeutics ALDX.O down 75.4% at $1.31 premarket
** ALDX says the FDA declined to approve its treatment for dry eye disease, reproxalap, after it failed to show efficacy
** The health regulator asked the company to conduct at least one additional trial to show positive effect of the treatment, company says
** Company says no manufacturing or safety issues with reproxalap were identified
** The decision was based on a late-stage trial with 132 patients, where the drug reduced the symptoms of ocular discomfort, an unpleasant sensation in the eyes - ALDX
** As of December 31, 2024, ALDX reported cash, cash equivalents, and marketable securities of $101 million
** Company expects to resubmit the marketing application to the FDA by mid-year 2025
** Stock has risen 6.7% YTD as of last close
(Reporting by Siddhi Mahatole)
((siddhi.mahatole@thomsonreuters.com))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.