Evolutec shares drop on Phase II data

U.K.-based Evolutec saw its shares plunge after yesterday's announcement that a Phase IIb trial of rEV131 for allergic rhinitis failed to perform better than a placebo. "This is tremendously disappointing for Evolutec and its shareholders. We will review our intended programs with rEV131 once the post-cataract results are received early next year and in the interim will continue to progress rEV576," said Mark Carnegie Brown, CEO of Evolutec. The drug is still in trials for the treatment of inflammation following cataract surgery, and results for that indication are expected early next year. The company will decide how to proceed with the drug based on those results.

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