Ohr Pharmaceutical's treatment for an eye condition that can lead to blindness failed to meet a key goal in a mid-stage study, sending shares down 44 percent before the opening bell Friday.

The study focused on OHR-102 in combination with Roche's Lucentis as a potential treatment for the wet form of age-related macular degeneration.

The New York drugmaker said it will evaluate the different responses in patients before making plans for a late-stage study. Detailed data from the midstage study will be presented at the upcoming Association for Research in Vision and Ophthalmology scientific meeting, which will take place in May.

Shares of Ohr Pharmaceutical Inc. fell $3.82 to $4.86.