EyePoint plummets after second failure for eye disease drug

By Reuters News

** Shares of EyePoint EYPT.O sink 76.9% to 69 cents premarket

** Co says second late-stage trial of experimental eye disease drug Duravyu failed to meet its main goal

** EYPT will cut about 53% of its workforce and halt other late-stage wet age-related macular degeneration studies early, before completing the second year of the trials

** Co plans to prioritize the development of the drug as a potential treatment for diabetic macular edema, which causes vision loss

** Estimates it had about $118 million in cash, cash equivalents and short-term investments as of September 30

** Stock down about 84% YTD, as of last close

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