A little biotech's second crack at dry eye disease comes up short. And this time there will be no extra shot at success

You can add Aurinia to the list of biotechs which followed mixed Phase II data right over the late-stage cliff.

The biotech was hammered after the market close when researchers announced that their Phase II/III study of VOS for dry eye disease had failed the primary endpoint — an improvement. All three doses of the treatment flunked statistical significance, and now the biotech is killing the program off.