Regeneron Pharmaceuticals (Nasdaq:REGN) declined as much as 13 percent in extended trading after U.S. regulators delayed a decision on whether to approve the company’s treatment for a common cause of blindness.
The Food and Drug Administration has pushed back its target date for completing its review of the company's experimental eye drug, Eylea, by three months.
According to reports, the agency now will look to complete its review of the drug by Nov. 18. The FDA needs more time to review recent responses as part of Regeneron's bid to obtain a license for the drug as a treatment for "wet" age-related macular degeneration, a common cause of blindness.
If Eylea is approved, it would be the first drug to compete with Roche's Lucentis. Eylea is injected every eight weeks, half as often as Lucentis. The less frequent dosing would help Regeneron capture 25 percent of the U.S. market from Lucentis, Edward Tenthoff, a senior research analyst with Piper Jaffray & Co. in New York, said yesterday in a note to investors.
In June, Bayer filed for approval of Eylea as a treatment for wet age-related macular degeneration in Europe and Japan.
Here is a look at other healthcare movers from Tuesday's markets:
Gainers (% price change)
Syneron Medical Ltd.
ISTA Pharmaceuticals, Inc
QLT Inc. (USA)
Losers (% price change)
Array BioPharma Inc.
Cytori Therapeutics Inc
Most Actives (dollar volume)
Johnson & Johnson
Merck & Co., Inc.
Gilead Sciences, Inc.
Kinetic Concepts, Inc.
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