Shares of Aerie Pharmaceuticals (AERI) are up 75% in after-hours trade after the company announced positive phase 3 results for its Rhopressa trial. The drug Rhopressa is a once daily, triple action eye drop that relieves intraocular pressure in patients with glaucoma or ocular hypertension. There are a total of four Phase 3 Rhopressa trials; the one reported today comes from a study known as Rocket 2. 

Rhopressa was dosed once and twice daily and in both instances achieved its primary endpoint of demonstrating non-inferiority compared to twice daily timolol. In addition Rhopressa demonstrated consistent intraocular pressure lowering throughout the entire 90-day efficacy period. The most common adverse event in the trial was eye-redness which was seen in the once daily arm of the drug. 

This is a huge comeback for the company because previously in April the company reported out another one of their Rhopressa trials. )n April 23, 2015 Aerie had reported that Rhopressa had not matched the efficacious power of timolol and shares tanked by 64% in one day. The share price plunged from $22.52 per share all the way down to $12.87 per share. 

The company is awaiting the 12-month safety data of Rhopressa which is set to be released by late 2015 or early 2016. Based off today’s Rhopressa results from the Rocket 2 study and good results from a previous study, Rocket 1, Aerie expects to file an NDA by mid 2016.