(Reuters) -Outlook Therapeutics said on Thursday the U.S. Food and Drug Administration has declined to approve its experimental drug to treat a type of eye condition, which causes blurred vision, sending its shares slumping nearly 62% before the bell.
The health regulator cited a lack of substantial evidence of effectiveness in the company’s application for the drug, ONS-5010, to treat patients with wet age-related macular degeneration.
The decision marks the latest setback in Outlook’s prolonged attempt to enter the market, following a string of previous hurdles.
(Reporting by Unnamalai L, Sriparna Roy and Siddhi Mahatole in Bengaluru; Editing by Mohammed Safi Shamsi and Shilpi Majumdar)
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