Shares of Aldeyra Therapeutics Inc. soared 44% in premarket trade Tuesday, putting them on track to open at the highest level seen in over nine months, after the biotechnology company reported positive results from a phase 2a trial of its treatment for dry eye disease. The company said that based on statistically and clinically significant activity across a number of sign and symptom endpoints and tolerability, the ADX-102 treatment was nominated for advancement. That company said it expects to initiate a phase 2b trial in the first half of 2018. “These data represent the fourth set of positive phase 2 results with ADX-102 in ocular inflammation,” said Chief Executive Todd Brady. “The breadth of activity across noninfectious anterior uveitis, allergic conjunctivitis, and now dry eye disease confirms the potential of ADX-102 as an important and differentiated therapy in ophthalmology.” The stock had tumbled 17% over the past three months through Monday, while the iShares Nasdaq Biotechnology ETF had surged 14% and the S&P 500 had gained 2.4%.
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