Eyenovia discontinues late-stage eye drug study, shares fall
** Shares of drugmaker Eyenovia EYEN.O fall 52.5% to 16 cents premarket
** Co to discontinue a late-stage study for its experimental drug-device combination after it failed the main goal of slowing the progression of the condition
** Co was testing the drug to treat pediatric progressive myopia that causes near-sightedness in early childhood, which worsens as the person grows
** Says an independent committee reviewed the safety and efficacy data from 252 trial participants and found that the rate of myopia progression was not significantly different between the treatment arm and placebo
** "We plan to terminate the study, review the data more thoroughly, and evaluate next steps"- EYEN
** Says it is evaluating its strategic options, which may include a business combination, reverse merger, asset sales or a combination of those alternatives
** Up to last close, stock was down 83.7% YTD
Reporting by Sneha S K
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