(Reuters) -Lenz Therapeutics said on Wednesday its lead experimental drug being tested in patients with a common age-related eye disorder showed improvement in nearsightedness in a late-stage study.
Shares of the company, which gained as much as 17% earlier in the day, were last trading 4.2% higher at $21.89.
The once-daily eye drop, LNZ100, is being tested to treat presbyopia, which causes inability to focus on near objects and affects an estimated 128 million people in the United States, according to the company.
Its treatment options include wearing reading glasses, contact lenses and refractive surgery. Abbvie’s Vuity bagged the U.S. FDA approval in 2021 as the first eye drop for presbyopia. Companies such as Eyenovia and Ocuphire Pharma are also developing treatments for the disease.
The late-stage study testing Lenz’s eye drop comprised two six-week efficacy trials and a six-month safety trial. The trials enrolled a total of 1,059 participants ranging from ages 45 to 75 years.
The treatment helped improve near vision without impacting distant vision for 71% of the patients at three hours post-treatment.
Based on the trial, the San Diego, California-based company plans to submit a U.S. marketing application for LNZ100 in mid-2024.
Lenz said its another drug, LNZ101, also showed similar results but did not show superiority to LNZ100.
Rival Eyenovia is testing its drug delivery device Optejet in late-stage trials with its experimental drug to treat presbyopia. Ocuphire is also testing its eye drop in a late-stage trial.
(Reporting by Sneha S K in Bengaluru; Editing by Shilpi Majumdar)