Rigel Pharma Says Phase 2 Study For Dry Eye Disease Did Not Meet Endpoints

(RTTNews) - Rigel Pharmaceuticals, Inc. (RIGL) Wednesday said R348, its ophthalmic JAK/SYK inhibitor, did not meet the primary or secondary endpoints in a recently completed Phase 2 clinical study in patients with dry eye disease. The shares are down more than 10 percent in pre-market trading.

The endpoints were measured by changes in corneal fluorescein staining, conjunctival staining, tear production and dry eye symptom scores from baseline over 12 weeks of treatment compared to placebo.

No significant adverse events were reported in the trial. Rigel has decided not to initiate any new studies of R348 for this indication, but is continuing its Phase 2 study of dry eye in patients with graft versus host disease or GvHD.

The company is focusing its resources on advanced clinical studies of fostamatinib in two indications.

In addition, Rigel said it has discontinued its indirect AMPK activator program, R118, due to its side-effect profile in Phase 1 clinical trials. However, the company will continue its direct AMPK activator research program.

RIGL closed Tuesday's regular trading at $3.09 on the Nasdaq. In the pre-market activity on Wednesday, the shares fell 10.03 percent.