Aldeyra Therapeutics Inc (NASDAQ:ALDX) achieved positive results from Phase 3 clinical studies of reproxalap to treat patients with conjunctivitis.
The company accomplished statistical significance for secondary and primary endpoints of its clinical study.
The CEO of Aldeyra, Todd C. Brady, said the company achieved a remarkable significance of reproxalap in curing allergic conjunctivitis symptoms in its Phase 3 INVIGORATE Clinical study.
The drug demonstrated consistent activity in curing dry eye disease and allergic conjunctivitis. It bodes well to position reproxalab for commercial viability. On receiving approval, the company can use the formulation for chronic treatment.
Enrolled 95 patients
Aldeyra enrolled 95 patients with conjunctivitis for a randomized, vehicle-controlled, double-masked Phase 3 clinical trial. It accomplished both primary and secondary efficacy endpoints.
The patients administered with reproxalap significantly reduced their itching score. Ocular allergy needs innovative treatment to improve quality of life.
The causes of dry eye disease and allergic conjunctivitis include seasonal pollen and rising global temperatures. Some patients use several drugs to treat redness and ocular symptoms. Milton Hom of Canyon City Eyecare in Azusa said considering the review of data obtained from the Phase 3 clinical trial, reproxalap offers a meaningful treatment for patients with severe to moderate allergic conjunctivitis.
Sets a price of $12.50 for each share for public offering
Aldeyra fixed a share price of $12.50 for its UPO (underwritten public offering) of 10 million shares. The company will raise a capital of $125 million from this offering.
The underwriters will have a 30-day option to purchase additional 1.5 million common shares at $12.50/ share from Aldeyra.
Aldeyra will use the proceeds of this public offering to prepare for the IND of reproxalap.
It will also use the funds to commercialize reproxalap, working capital, and the development of early-stage formulations. The company expects to close the UPO on or before May 3, 2021 subject to satisfying customary conditions.
Brady said the company expects to commercialize reproxalap to treat patients with anterior ocular inflammatory disease. It will be a catalyst for 2021.
Aldeyra widened its loss to $11.3 million in Q1 2021. It maintains CE (cash equivalents) and a cash balance of $138.4 million.
