EyePoint's Phase 3 failure; Lilly's China drug delivery deal

EyePoint Pharmaceuticals to cut 53% of workforce after Duravyu fails second phase 3 trial

EyePoint Pharmaceuticals announced it will cut approximately 53% of its workforce and halt studies of experimental drug Duravyu for wet age-related macular degeneration after the drug failed a second late-stage trial. The company's shares plummeted more than 84% following the announcement of the phase 3 Lucia trial failure.