02:11 PM EST, 11/15/2024 (MT Newswires) -- (Updates with the latest stock movement in the headline and second paragraph.)

Eyenovia ( EYEN ) said Friday that a phase 3 study evaluating its drug-device combination of low-dose atropine in the company's Optejet dispensing platform for pediatric progressive myopia, did not meet its primary endpoint.

The company's shares were down nearly 70% in recent trading.

The independent Data Review Committee found no significant difference in myopia progression between the treatment arms of 0.01% and 0.1% atropine and the placebo.

Eyenovia ( EYEN ) said it would terminate the study despite safety data indicating that all dosages and placebo were well-tolerated.

Eyenovia ( EYEN ) said it is also considering different strategic options, including a business combination, reverse merger, asset sales, or a combination of these options.

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