The company said 33.7% of patients treated with its drug, OTX-DP, did not show inflammatory cells in the eye after 14 days, compared to 14.6% of those receiving placebo.
Ocular said 76.1% of patients receiving the drug did not report pain after 8 days, compared to 36.1% of patients receiving placebo.
The single-dose drug is delivered through a kind of gel at the end of a small plug inserted into the tear duct.
The therapy removes the need for multiple doses and complex regimens for treating post-operative inflammation and pain, CEO Amar Sawhney said in a statement.
The company said it expects results from a 2nd late-stage study for the drug by the end of March and submit a marketing application in the second quarter of the year.
Ocular is also testing the drug for treating inflammation related to dry eye. A mid-stage trial was started in January.
It also plans to start a late-stage trial on the drug in treating allergic conjunctivitis in the middle of the year.