What happened

Ocular Therapeutix (NASDAQ:OCUL) stock is up 9.7% as of 11:41 a.m. EDT after the company presented phase 3 data for eye pain drug Dextenza.

So what

We already knew the clinical trial was successful and the company released quite a bit of data in January, but nevertheless, it's always helpful to see data presented in front of doctors who will be using the product.

In Ocular Therapeutix's presentation at the American Society of Cataract and Refractive Surgery Annual Symposium, Dextenza met its primary endpoints of the absence of anterior chamber (AC) cells, which is a sign of inflammation, on day 14 and the absence of pain on day 8. More than 52% of patients that got Dextenza after cataract surgery had no AC cells on day 14 compared to 31.1% patients that got placebo. The pain reading was also superior, with 79% of patients who took Dextenza reporting no pain on day 8 compared to 61.3% of patients that took placebo.

Some of today's increase in share price could also be because investors have decided that the issues at the company's manufacturing plant identified by the FDA can be resolved relatively quickly, so Friday's decline wasn't completely justified.

Doctor examining patient's eye

Image source: Getty Images.

Now what

Today's data was a useful step forward, but investors should be focused on the potential approval of Dextenza. Ocular Therapeutix has already submitted the marketing application for Dextenza to the FDA, which is expected to make a decision by July 19.

Assuming Ocular Therapeutix can resolve the manufacturing issues in a timely manner, the company looks like it's in good shape to receive an approval in a couple of months.

Brian Orelli and The Motley Fool have no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.