EyePoint to cut workforce by half after experimental drug fails second late-stage trial

By Reuters News

Oct 19 (Reuters) - EyePoint EYPT.O on Monday said it would cut about 53% of its workforce and stop studies of its experimental eye drug for an age-related vision disease after it failed a second late-stage trial.

Here are more details:

  • The trial tested EyePoint's Duravyu against Regeneron's REGN.O blockbuster eye medicine Eylea in patients with wet age-related macular degeneration, a leading cause of blindness in older adults

  • While patients given Duravyu showed improved vision, the drug failed to prove as effective as the standard treatment in preserving eyesight, EyePoint said

  • The company had 214 full-time employees as of February 27, all based in the US, according to a regulatory filing

  • The setback follows a similar failure in August, when Duravyu missed the main goal in an identical late-stage study, triggering a more than 65% fall in its shares

  • EyePoint said the workforce reduction and ending of trials was expected to save about $30 million annually

  • The company estimates it will record roughly $9 million in related severance charges

  • EyePoint said it will shift its focus and resources to developing Duravyu for diabetic macular edema, another retinal disease, with late-stage trial results expected in the fourth quarter of 2027

  • EyePoint shares were halted in premarket trading

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