RegeneRx Versus Restasis: Who Hits The $2 Billion Dry-Eye Jackpot?

RegeneRx believes RGN-259 compares favorably to the company. At a September 11, 2017 Rodman & Renshaw conference, the company implied RGN-259 [i] showed better efficacy than Restasis and [ii] reported no burning or stinging or diysgeusia (foul taste in mouth), unlike Xiidra:

On the surface RGN-259 could be another candidate to disrupt dry-eye alongside Xiidra.

About Aldeyra

Aldeyra is a biotechnology company focused on the development of products for inflammation, inborn errors of metabolism, and other diseases related to generated toxic and pro-inflammatory chemical species called aldehydes. The company's flagship product, ADX-102, is still under development for the potential treatments of noninfectious anterior uveitis, allergic conjunctivitis, dry-eye disease and Sjogren-Larsson Syndrome ("SLS"), a rare inborn error of metabolism resulting in severe skin and neurological disorders.

Aldeyra captured investors' attention last month when it showed significant improvements in a midstage trial for dry-eye. ALDX spiked 50% after the results were released, and after I began writing about the stock and the potential upside in dry-eye.

Who Hits The Dry-Eye Jackpot?

Who enters the dry-eye market first is a complicated question. Aldeyra is likely more well-known, but RegeneRx has a bigger head start. RegeneRx has completed Phase 3 testing and the results could be out within weeks. As RGRX becomes more well-known and the results of Phase 3 testing approach, I believe the stock could trade much higher. Meanwhile, Aldeyra will not begin its Phase 2b clinical trial for dry-eye until the first half of 2018. This could involve studying a larger patient group and seeking the optimal dose that ADX-102 could be effective with minimal side effects.

According to RegeneRx's management presentation, its dry-eye treatment has shown higher efficacy than Restasis and in certain instances, fewer side effects than Xiidra. Aldeyra's ADX-102 merely showed improvements in its ability to treat dry-eye, yet no mention of how it would fare head-to-head with competitors. On the other hand, RegeneRx's liquidity is waning.

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