Apellis Pharmaceuticals Plunges on Safety Concerns for New Vision Loss Drug

Shares of Apellis Pharmaceuticals dropped by 20% after reports of rare but severe side effects emerged regarding their new drug, Syfovre, which is used to treat a common type of vision loss. The American Society of Retinal Specialists issued a letter to doctors warning of cases of eye inflammation, including occlusive retinal vasculitis, which can cause blindness. The side effects occurred one to two weeks after the first injection of Syfovre. Apellis stated that the real-world safety profile of the drug is consistent with clinical studies and they are investigating the cases. The drug has been approved for geographic atrophy, but concerns remain about its risk-benefit profile and potential for inflammation and infections.