Biotechnology company Inspire Pharmaceuticals said its drug candidate for dry eye disease did not meet its key treatment goals in a Phase III clinical trial.

Inspire said it is reviewing its six-week trial of Prolacria (diquafosol tetrasodium ophthalmic solution) in 490 patients.

Shares of Inspire dropped in premarket trading to $5.29 from their close of $6.61 on 20 January, according to The Associated Press.