Kodiak Sciences Abandons Eye Drug Development, Stock Plummets
Kodiak Sciences Inc has decided to discontinue the development of its experimental drug, tarcocimab tedromer, for the treatment of diabetic macular edema. The decision was made after the drug failed to meet its main goal in two late-stage studies and was found to cause an increase in cataracts over time in patients. As a result, the company's shares tumbled 40% in premarket trading.