RTTNews | Sep 10, 2021 10:13AM EDT

10:13 Friday, September 10, 2021 (RTTNews.com) - Apellis Pharmaceuticals, Inc. (APLS) shares trading lower on Friday morning trade after its DERBY study of Pegcetacoplan for geographic atrophy or GA failed to meet the primary endpoint, meanwhile, the OAKS study met the primary endpoint for both monthly and every-other-month treatment with pegcetacoplan.

APL plans to submit a New Drug Application for pegcetacoplan, an investigational targeted C3 therapy, for GA to FDA in the first half of 2022.

Geographic Atrophy is an advanced form of age-related macular degeneration, a leading cause of blindness. The company has been testing Pegcetacoplan in two phase III studies in GA, namely DERBY and OAKS.

The company said Pegcetacoplan demonstrated a clinically meaningful slowing of disease progression with an even stronger effect in GA patients with extrafoveal lesions.

Currently, APLS is at $30.27, down 45.57 percent from the previous close of $55.61 on a volume of 5,498,072. For the 52-week period, the shares have traded in a range of $28.37-$73.00 on average volume of 902,025.

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