Lpath to cut jobs as eye drug fails mid-stage study
May 20 (Reuters) - Lpath Inc said it would reduce its workforce and cut costs as its experimental drug failed a mid-stage study in patients with wet age-related macular degeneration, a leading cause of blindness in the elderly.
Lpath's drug, iSONEP, did not show any statistically significant improvement in visual clarity in patients who had not realized enough benefit from prior treatments, the company said on Wednesday.
Lpath said it expects the cost saving initiatives to shore up enough funds for its drug discovery and development activities through June 30, 2016.
(Reporting by Natalie Grover in Bengaluru; Editing by Savio D'Souza)