Outlook hits record low after US FDA declines to approve eye drug

Shares of Outlook Therapeutics OTLK.O slump as much as 66.8% to an all-time low of 79 cents

Stock set for its worst day in more than 9 months, if losses hold

U.S. FDA declines to approve company's drug for a type of eye condition called wet age-related macular degeneration (wet AMD) that causes blurred vision

FDA's letter included only one deficiency: "A lack of substantial evidence of effectiveness" - OTLK

*Intend to meet with FDA officials to receive additional clarity on their requirements, OTLK CEO says, adding the regulator did not specify whether further clinical trials would be necessary

*"It does represent a significant setback for the company" - Chardan Capital Markets analyst Daniil Gataulin

Including session moves, stock down 41% YTD