After two late-stage tests on Regeneron Pharma's (NASDAQ:REGN) and Bayer's VEGF Trap-Eye solution were successfully completed, the results were it worked as good as Roche’s ranibizumab (Lucentis), which they are sure to take market share away from when it hits the market.
Canaccord said, "Regeneron spiked early Monday after the drug developer and partner Bayer AG said their potential injectable treatment for the eye disease wet age-related macular degeneration worked as well as Roche’s ranibizumab (Lucentis) in two late-stage studies. The companies are developing the VEGF Trap-Eye solution as a treatment for the disease, which results in vision loss as new blood vessels grow beneath the retina and leak blood and fluid, damaging the retina and distorting vision. The condition, which can progress to blindness, usually affects older adults. Analysts at Brean Murray note that giving VEGF Trap Eye every two months was at least as good as monthly 0.5 mg ranibizumab, which halves the number of undesirable intraocular injections. Patient vision generally suffers as one tries to minimize their number of eye injections by seeking therapy only when they deem their visual acuity to be low. Therefore, a less frequent therapy that is at least as effective as ranibizumab is
extremely desirable and should garner significant market share."
Regeneron closed Tuesday at $29.99, rising by $0.46, or 1.56 percent.
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