Ocugen Stops Phase 3 OGVHD Trial; Stock Plunges

(RTTNews) - Ocugen Inc. (OCGN) said that it decided to discontinue the Phase 3 trial of OCU300 for ocular Graft vs. Host Disease or oGVHD.

The decision was taken by the the company after an independent Data Monitoring Committee indicated the trial was unlikely to meet its co-primary endpoints upon completion. The study was not stopped based on safety concerns. The company will analyze the full data when it is available, Ocugen said in a statement.

"This is disappointing news, especially for those who suffer from oGVHD. Our hope was to provide the first treatment for this complex, orphan disease," said Shankar Musunuri, Chairman, CEO and Co-Founder of Ocugen.

In Monday regular trading, OCGN is currently trading at $0.22, down $0.08 or 28.54%.