Olix is experiencing a significant drop in its stock price following the news that its application for a clinical trial of a macular degeneration treatment candidate was rejected in New Zealand.
As of 2:02 PM on October 13, Olix's shares were trading at 91,500 won, down 14,700 won (13.84%) from the previous trading day, according to the Korea Exchange.
The decline in stock price reflects investor concerns regarding the timeline for new drug development. Olix announced that the Health and Disability Ethics Committee (HDEC) of New Zealand had rejected its application for a Phase 2a clinical trial of the macular degeneration treatment candidate 'OLX301A' (substance name OLX10212).
Previously, Olix submitted clinical trial plans to both Australia and New Zealand last month. The rejection decision is limited to the New Zealand application and does not affect the clinical trial plan submitted in Australia.
The company explained that the rejection was due to incomplete documentation rather than issues related to drug safety or clinical design. An Olix representative stated, "We received the rejection notice due to missing documents right after the review commenced, and we plan to supplement the necessary documents and reapply."
Meanwhile, OLX301A is a treatment candidate that utilizes RNA interference (RNAi) technology to inhibit the inflammatory signaling protein 'MyD88,' which is involved in the onset and progression of macular degeneration.
* This article has been translated by AI.
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