- Shares of Kodiak Sciences rose over 178% after positive Phase 3 trial results for wet AMD drugs
- Zenkuda and tabirafusp-ted met key efficacy goals, showing similar performance to current treatments
- Over half of Zenkuda patients needed injections only once every six months, reducing treatment frequency
Shares of Kodiak Sciences Inc. surged more than 178% on Monday, after the biopharmaceutical company reported positive late-stage clinical trial results for two experimental treatments targeting wet age-related macular degeneration.
The stock opened at $61.70, compared with the previous close of $32.35, and climbed as high as $90.88 during the session as of September 28 1:36 P.M GMT.
The sharp rally followed Kodiak's announcement of topline results from its Phase 3 trials evaluating Zenkuda and tabirafusp-ted in patients with wet age-related macular degeneration, a condition that can cause rapid loss of central vision in older adults.
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According to Forbes, both drug candidates met the key efficacy objective, with Kodiak saying they performed comparably to existing leading treatments in protecting patients' vision. A major potential advantage is the frequency of treatment.
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In the trials, more than half of patients receiving Zenkuda required an injection only once every six months. Current standard treatments can require injections every one to two months, making treatment frequency a major consideration for patients managing the condition.
Kodiak said the completion of five successful Phase 3 trials positions the company to submit the treatments for US Food and Drug Administration approval later this year. If approved, the drugs could potentially reach the market as early as 2027.
Wet age-related macular degeneration affects the central part of vision and requires ongoing treatment. There is currently no permanent cure, while repeated injections can create challenges for patients facing mobility, transportation or other health limitations.
The financial potential of the treatments remains unclear. Kodiak has not disclosed pricing for Zenkuda or tabirafusp-ted. Existing therapies for the condition can cost around $1,800 to $2,500 per injection, based on the information provided.
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Kodiak was founded in 2009 and is focused on therapies for retinal diseases. Its technology platform, Antibody Biopolymer Conjugate, is designed to extend how long medicines remain in the eye.
The company's largest shareholder is Baker Bros. Advisors, which owns about 30% of Kodiak. BlackRock holds more than 6%.
With the late-stage results now released, investor focus will shift toward Kodiak's expected FDA filing and the regulatory path for its two drug candidates.
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