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Alderya Therapeutics stock soars after conjunctivitis treatment trial meets key endpoints

Tomi Kilgore

Shares of Aldeyra Therapeutics Inc. shot up 56% toward a 5-month high in premarket trade Tuesday, a day after closing at a 7-month low, after a phase 3 trial of the biotechnology company's allergic conjunctivitis treatment met its primary and secondary endpoints. Trading volume topped 440,000 shares, already more than the full-day average of about 310,000 shares. Aldeyra said it plans to meet with regulatory authorities in the second half of 2019 to discuss the results and remaining clinical requirements for potential submission of a new drug application (NDA) to the Food and Drug Administration. Separately, the company said it entered into a loan and security agreement with Hercules Capital Inc. that provides up to $60 million in financing. "The ALLEVIATE [trial] results suggest the potential of topical ocular reproxalap as a novel, safe, and effective therapeutic option that could be used to complement existing therapy before resorting to corticosteroids, which can lead to serious ocular toxicity," said Aldeyra Chief Medical Officer David Clark. The stock has lost 14.5% over the past 12 months while the iShares Nasdaq Biotechnology ETF has edged up 0.2% and the S&P 500 has gained 5.3%.