Shares of IVERIC Bio (NASDAQ: ISEE) shot up by 30.3% in pre-market trading on Tuesday as the biopharmaceutical company announced positive topline results from its Phase 3 clinical trial, GATHER2 for Zimura (avacincaptad pegol). Zimura is a novel investigational inhibitor of complement protein C5 which is used in the treatment of geographic atrophy (GA).
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Geographic atrophy occurs in the late stage of macular degeneration.
Glenn P. Sblendorio, CEO of IVERIC Bio commented on the results, “We are thrilled to see for the first time an investigational therapy with a statistically significant reduction in the rate of GA progression at the 12-month primary endpoint across two Phase 3 clinical trials.”
IVERIC plans to submit a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) by the end of Q1 2023.
Is IVERIC bio a Buy?
Wall Street analysts are bullish about ISEE with a Strong Buy consensus rating based on 6 Buys and one Hold.
ISEE’s average price prediction of $23.29 implies 146.7% upside potential.
