Iveric Bio (ISEE 1.32%) stock is blowing through the roof even though the company didn't have any news to share today. As of 11:07 a.m. EDT on Friday, shares of the clinical-stage biopharmaceutical company were up 56.8% thanks to lackluster results from a potential competitor.
Iveric Bio didn't have anything to say about Zimura, its lead candidate for the treatment of geographic atrophy secondary to age-related macular degeneration. The stock is shooting higher today in response to mixed pivotal trial results that Apellis Pharmaceuticals (APLS 1.69%) reported today.
Iveric Bio already reported success for Zimura in the pivotal Gather1 trial, but we're still waiting for results from the Gather2 study. Today, Apellis Pharmaceuticals reported results for a pair of pivotal geographic atrophy studies with pegcetacoplan, and only one achieved statistical significance on its primary endpoint. This means Zumira could be the first geographic atrophy drug to earn FDA approval.
Apellis Pharmaceuticals isn't going to let mixed pivotal trial data stop it from submitting an application for pegcetacoplan later this year. With varied results from clinical trials designed to be identical, though, there's a strong chance the FDA will make a request for more data that sets the biotech back over a year.
The Gather2 trial with Zimura completed enrollment in July and the study protocol calls for 12 months of treatment and observation. If Gather2 reads out as successfully as Gather1 did, Iveric Bio could submit an application for its first new drug by the end of next year.