Shares of Ampio Pharmaceuticals Inc. advanced Monday after the company reported positive data from a trial of its eye drug Optina.
THE SPARK: Ampio said the study confirmed that larger doses of Optina were more effective for patients with higher body mass index ratings, and lower doses of the drug were more effective for patients with lower BMI numbers. It said some doses of Optina were significantly more effective than placebo at reducing swelling of the retina regardless of the patient's BMI.
THE BIG PICTURE: The Greenwood Village, Colo., company said the results come from a small trial involving 32 patients. It plans to meet with the Food and Drug Administration in July to discuss further testing of Optina.
The drug is intended to treat diabetic macular edema, or swelling of the macula of the eye. It is a common cause of blurred vision and blindness. Ampio said almost all type 1 diabetes patients and most type 2 diabetes patients eventually develop the condition, but there is no drug to treat it -- although conditions that control diabetes symptoms are effective.
Ampio's other drug candidates include the premature ejaculation treatment Zertane and the inflammation drug Ampion.
SHARE ACTION: Ampio Pharmaceuticals shares rose 28 cents, or 8.8 percent, to close at $3.48. The stock is down 53 percent since Dec. 12. In December Ampio attributed a sharp drop in its stock price to "factually inaccurate and materially misleading information" from anonymous short sellers.