Investors hammered Irvine eye drug maker Ista Pharmaceuticals Inc. earlier this month after the company said its steroid eye drug received a “not approvable” letter from the Food and Drug Administration.
The news sent Ista’s shares down some 30%. It had a recent market value of $170 million.
The FDA didn’t find sufficient clinical results to approve T-Pred, which is being developed to treat inflammatory eye diseases, Ista said in a release.
“While we are disappointed by the FDA’s decision, Ista is committed to bringing T-Pred to ophthalmologists and patients,” said Vicente Anido Jr., Ista’s chief executive. “We believe our clinical study met the endpoints that Ista and the FDA agreed to.”
