Kodiak Reports Positive Phase 3 Results for Two Eye Drugs

Kodiak Sciences said its experimental treatments Zenkuda and KSI501 met the primary endpoints in a Phase 3 study of wet age-related macular degeneration, prompting a sharp rise in the company’s shares. The DAYBREAK trial evaluated both candidates for the eye disease, which can cause vision loss. Kodiak said the treatments were noninferior to Eylea, a therapy made by Regeneron Pharmaceuticals, though the supplied reports do not include detailed trial data to independently assess that comparison. The share-price figures varied by time period. Two reports said Kodiak rose about 65% in premarket trading Monday, reaching $54.42. Other accounts described a gain of about 178% over Monday’s trading session. Those figures reflect different reported periods and should not be treated as the same measurement. Shares had closed at $32.35 before the move, according to one account. The results came from a single Phase 3 study that tested both candidates against a shared control arm, rather than from two separate trials. Kodiak said each drug achieved the study’s primary endpoint.