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As Allergan (AGN) labors to keep restive hedge funds at bay, clinical trial results for an experimental eye treatment that would compete in a lucrative market made an underwhelming impression on Wall Street.

The drug maker released findings from a pair of late-stage studies for a medicine called Abicipar, which is being developed to combat wet age-related macular degeneration, a common illness that can cause blindness in the elderly. Currently, the market for these injectable products is dominated by Eyelea, which is sold by Regeneron Pharmaceuticals (REGN), and Lucentis, a Roche (RHHBY) treatment.

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