 Apellis Pharmaceuticals Inc NASDAQ: APLS is trading lower Friday after the company announced its Phase 3 DERBY study in geographic atrophy did not meet the primary endpoint of GA lesion growth. DERBY did not meet the primary endpoint by itself, but the company said, in a prespecified analysis of the combined DERBY and OAKS studies, monthly and every-other-month treatment with pegcetacoplan reduced GA lesion growth by 17. 