By Chris Wack
Belite Bio Inc. shares were down 12% to $38.61 after the biopharmaceutical company said it submitted an investigational new drug application to the U.S. Food and Drug Administration to support Phase 3 development of LBS-008.
LBS-008 is the company’s orally administered treatment for Stargardt Disease, or STGD1, a rare genetic eye disease that causes progressive vision loss in children and adults. LBS-008 is a small molecule retinol binding protein 4 antagonist that selectively reduces the delivery of vitamin A to the eye leading to a reduction of toxic vitamin A byproducts that have been implicated in the onset and progression of STGD1.
Sponsored by the NIH Blueprint program to treat non-neovascular age-related macular degeneration, LBS-008 is also endorsed by NIH as a promising first-in-class oral medication intended to slow or halt the progression of dry AMD, a disease which primarily affects the elderly and shares a similar pathophysiology as STGD1.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
July 20, 2022 11:08 ET (15:08 GMT)
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Read More: Belite Bio Shares Drop 12% After IND Submitted for LBS-008 Vision Treatment