Palm Beach, FL – May 2, 2023 – FinancialNewsMedia.com News Commentary – The Global Dry Eye Syndrome market is witnessing continued growth due to the factors such as the growing demand for effective treatments, the rising prevalence of dry eye disease, the presence of a lucrative pipeline, and increasing awareness among the population about the condition. The COVID-19 outbreak had an adverse impact on the market in the early phase of the pandemic attributable to the reduced ophthalmology visits, however, as soon as the eye care practices began the market demonstrated a rebound. Moreover, the dry eye persisted in SARS-CoV-2 patients even after treatment of the disease, thus, increasing the target population for treatments. Moreover, during the pandemic sedentary activities and more use of screen has increased the occurrence of dry eye symptoms. A recent report from Grand View Research projected that the global dry eye syndrome treatment market size was valued at USD 5.53 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 7.85% from 2023 to 2030. The report said: “Increasing R&D activities for treating the condition have developed a strong and promising pipeline… The growing geriatric population globally is expected to act as a key driver for the market as eyes produce fewer tears in the elderly leading to increased evaporation and dryness. Furthermore, heightened usage of contact lenses globally serves as a factor for the development of dryness in the eyes leading to the adoption of products for maintaining the health of the eyes.” Active companies in the markets this week include: OKYO Pharma Limited (NASDAQ: OKYO), Novartis AG (NYSE: NVS), Aldeyra Therapeutics, Inc. (NASDAQ: ALDX), Ocular Therapeutix, Inc. (NASDAQ: OCUL), EyePoint Pharmaceuticals, Inc. (NASDAQ: EYPT).
Grand View Research continued: “The eye drops segment accounted for the largest revenue share of 38.6% in 2022 owing to the ease of usage and administration, which leads to increased patient compliance with the treatment. Prescription drugs are anticipated to grow at a lucrative rate of 8.3% over the forecast period. The growth of the market is attributed to the increasing prevalence of dry eye among the population. For instance, according to the American Academy of Ophthalmology, over the age of 50 years, 1.68 million men and 3.2 million women experience dry eye. However, out of a total number of patients diagnosed with dry eye syndrome, only 10% of the population is on prescription therapies, while 75% of the population has never tried prescription therapy. The retail pharmacies segment accounted for the largest revenue share of 45.1% in 2022. This is attributed to the ease of access to retail pharmacies. Moreover, the presence of pharmacists to assist with dosages, customer services, and provision of consultations in some regions help the segment gain a competitive edge in the market.”
OKYO Pharma Limited (NASDAQ: OKYO) BREAKING NEWS: OKYO Pharma Announces First-Patient First-Visit for Phase 2 Trial Evaluating Efficacy and Safety of OK-101 in Patients with Dry Eye Disease – OKYO Pharma Limited (LSE: OKYO), an ophthalmology-focused bio-pharmaceutical company which is developing OK-101 to treat dry eye disease to address the significant unmet need in this multi-billion-dollar market, is pleased to announce that the first patient has been screened for its phase 2, multi-center, randomized, double–blinded, placebo-controlled trial, evaluating the efficacy and safety of OK-101 ophthalmic solution in subjects with dry eye disease (DED).
“The initiation of this trial of topically applied OK-101 to treat dry eye disease marks a significant step for the company as we have been laser focused on moving this drug candidate into clinical trials over the last 18 months,” said Gary S. Jacob, Ph.D., CEO of OKYO Pharma. “Importantly, this first clinical study is designed to include pre-specified primary efficacy endpoints which are the hallmark of phase 3 registration trials, and the results from this trial are anticipated before the end of this year. The drug has been shown in pre-clinical studies to have potent anti-inflammatory and neuropathic corneal pain activities, and we are eager to evaluate its potential benefits in the clinic.”
“One of the most exciting aspects of this innovative clinical program is that we can get a rapid and informative answer on both safety and efficacy of OK-101 by the end of the year,” said Gabriele Cerrone, Executive Chairman and Founder of OKYO Pharma. “Furthermore, positive results would allow us to expedite the program towards FDA approval by leveraging results from this phase 2 dry eye trial in lieu of one of the two required phase 3 trials needed to support U.S. marketing authorization. OKYO remains well-positioned as novel ophthalmic compounds in large markets represent promising acquisition targets as evidenced by the recent $5.9 billion Iveric deal.”
Dry eye disease is a common condition that occurs when an individual’s tears are unable to adequately lubricate the eyes. This condition affects approximately 49 million people in the U.S. alone and has been a difficult one to positively diagnose and to treat due to the multifactorial nature of the condition. A number of contributing factors can lead to this condition, including age, sex, certain medical conditions, reduced tear production and tear film dysfunction. Tear film instability typically leads to inflammation and damage to the ocular surface. CONTINUED… Read this full release and more for OKYO Pharma at: https://okyopharma.com/news/press-releases/
In other market news of interest:
Novartis AG (NYSE: NVS) recently announced that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency has adopted a positive opinion and recommended granting a marketing authorization for Cosentyx®(secukinumab) in adults with active moderate to severe hidradenitis suppurativa (HS).
“HS is an under-treated inflammatory skin disease, and I regularly see its devastating impact in my practice. We need more options that can address its multiple signs and symptoms, especially boil-like abscesses, pain and scarring, and bring fast, long-lasting results,” said Professor Christos C. Zouboulis, President of the European Hidradenitis Suppurativa Foundation, Director of the Departments of Dermatology, Venereology, Allergology and Immunology, Staedtisches Klinikum Dessau and Founding Professor of Dermatology and Venereology at the Brandenburg Medical School, Germany. “Today’s news gives me hope that we may soon have a new option to offer our patients in Europe.”
Aldeyra Therapeutics, Inc. (NASDAQ: ALDX) (Aldeyra) recently announced completion of enrollment in the Phase 3 INVIGORATE-2 clinical trial of topical ocular reproxalap, a first-in-class investigational new drug candidate, for the treatment of allergic conjunctivitis.
“Today, millions of allergic conjunctivitis patients rely on therapies that may not provide sufficient relief or cannot be used chronically due to serious side effects,” stated Todd C. Brady, M.D., Ph.D., President and Chief Executive Officer of Aldeyra. “Reproxalap, which has demonstrated rapid and durable improvement in the symptoms and signs of allergic conjunctivitis across a number of clinical trials, could signify the first new therapeutic mechanism of action in decades for patients suffering from this persistently disturbing condition.”
Ocular Therapeutix, Inc. (NASDAQ: OCUL), a biopharmaceutical company focused on the formulation, development, and commercialization of innovative therapies for diseases and conditions of the eye, recently announced multiple scientific presentations at the American Society of Cataract and Refractive Surgery (ASCRS) Annual Meeting being held May 5-8 in San Diego, California.
“We are thrilled that the data presented this year at ASCRS continue to highlight DEXTENZA® and its potential to address real world issues with compliance and improper self-administration of eye drops,” commented Rabia Gurses Ozden, MD, Chief Medical Officer of Ocular Therapeutix. “The data being presented demonstrates, not only the potential of DEXTENZA, but also the ability of our proprietary hydrogel technology to provide solutions for many unmet needs associated with multiple ocular conditions.”
EyePoint Pharmaceuticals, Inc. (NASDAQ: EYPT), a company committed to developing and commercializing therapeutics to improve the lives of patients with serious eye disorders, recently announced it will host a conference call and live webcast at 8:30 a.m. ET on Wednesday, May 3, 2023 to report its first quarter 2023 financial results and highlight recent corporate developments.
To access the live conference call, please register using the audio conference link: https://register.vevent.com/register/BI90ffc1666dc94fd1b3705e1b5ec9157d. A live audio webcast of the event can be accessed via the Investors section of the Company website at www.eyepointpharma.com. A webcast replay will also be available on the corporate website at the conclusion of the call.
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