The Rosen Law Firm reported it is probing securities claims against Aerie Pharmaceuticals Inc (NASDAQ:AERI) resulting from charges that the company may have released materially misleading operations information to the investing public. The firm is a global investor rights law firm with its efforts concentrated on shareholder derivative litigation and securities class actions.
On April 23, after market hours, the company stated that its drug candidate Rhopressa failed to attain its primary efficacy objective of non-inferiority to timolol in its recent drug study. After the news, the share price of AERI declined more than 60%. The investigating firm is probing class action proceedings to recover losses recorded by Aerie investors.
Aerie Pharmaceuticals reported that its product candidate Rhopressa failed to fulfill its primary endpoint in a late-stage study. The drug candidate was meant for the treatment of lower eye pressure in patients suffering with ocular hypertension or glaucoma. In the Phase III study, once-daily Rhopressa drug failed to show non-inferiority when compared with medication of twice-daily timolol. It is an existing glaucoma therapy.
Vicente Anido, the Chairman and Chief Executive Officer of Aerie Pharmaceuticals, said that the management anticipated its potential drug candidate Rhopressa to show better performance based on the data the team recorded in the initial Phase 2b studies.
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Mr. Anido further added that if Aerie Pharmaceuticals had defined the high end of the bottom range just a little lower, the therapy would have shown non-inferiority against timolol therapy at all nine calculated time points and numerical lead at most of the time points.
Aerie Pharmaceuticals Inc (NASDAQ:AERI) is expecting further efficacy results in 3Q and 12-month safety trial results anticipated at the end of 2015. The company expects that results will offer information to decide the next measures, including the probable need for an additional Phase III study.