Why Shares of Micro-Cap Biopharma IVERIC Bio Are Ripping Higher

Shares of New York-based biopharma IVERIC bio Inc ISEE were advancing strongly Monday morning on the back of a positive clinical readout.

What Happened: Iveric said 18-month results from the Phase 3 study of its investigational asset Zimura supported positive results from previously announced 12-month data.

The asset is being evaluated as a treatment option for geographic atrophy secondary to age-related macular degeneration. 

The reduction in the mean rate of geographic atrophy growth over 18 months was 28.11% for the arm treated with Zimura 2mg and 29.97% for the Zimura 4mg group, the company said.

The treatment effect was observed as early as six months, with the investigational asset showing progressive benefits, according to Iveric. 

The overall 18-month data suggested a dose-response relationship, the company said. 

The investigational asset also maintained a favorable safety profile at 18 months.

"This is an impressive achievement since we believe OPH2003 is currently the only Phase 3 clinical trial showing suppression of GA growth with continuous treatment for 18 months," CEO Glenn Sblendorio said in a statement. 

What's Next: The company said it plans to initiate its second pivotal trial, dubbed ISEE2008, comparing Zimura 2mg with placebo later this year.

Iveric shares were soaring 11.52% to $4.28 at the time of publication. 

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