** Shares of drug developer Aldeyra Therapeutics ALDX.O down 75.4% at $1.31 premarket
** ALDX says the FDA declined to approve its treatment for dry eye disease, reproxalap, after it failed to show efficacy
** The health regulator asked the company to conduct at least one additional trial to show positive effect of the treatment, company says
** Company says no manufacturing or safety issues with reproxalap were identified
** The decision was based on a late-stage trial with 132 patients, where the drug reduced the symptoms of ocular discomfort, an unpleasant sensation in the eyes - ALDX
** As of December 31, 2024, ALDX reported cash, cash equivalents, and marketable securities of $101 million
** Company expects to resubmit the marketing application to the FDA by mid-year 2025
** Stock has risen 6.7% YTD as of last close
(Reporting by Siddhi Mahatole)
((siddhi.mahatole@thomsonreuters.com))
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