Shares of biotech Inotek Pharmaceuticals Corp. slumped about 66% in premarket trade Tuesday, after the company said a late-stage trial of a treatment for glaucoma failed to meet its main goal. The clinical-stage company said the Phase 3 trial of trabodenoson for the treatment of primary open-angle glaucoma did not meet its primary endpoint. The drug is the company’s leading clinical candidate, but the trial found a placebo response that was greater than observed in the Phase 2 trial, the company said. “We are disappointed that the primary endpoint of superiority at all 12 time points was not achieved,” Chief Executive David P. Southwell said. The company will see further data later this quarter and will determine its next steps at that time.
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