Rexahn Pharmaceuticals, Inc. (NYSEAMERICAN: RNN) is having an overwhelmingly strong start to the trading session this morning, and for good reason. The company reported data with regard to a key clinical trial, exciting investors and sending the stock screaming for the top. Today, we’ll talk about the data that was released, what we’re seeing from RNN, and what we’ll be watching for with regard to the stock ahead.
RNN Gains On Data
As mentioned above, Rexahn Pharmaceuticals is having an overwhelmingly strong start to the trading session this morning after announcing data from a key clinical trial. In a press release issued about an hour ago, the company announced updated safety and efficacy data from the ongoing Phase 2a clinical trial of RX-3117. RX-3117 is designed as a treatment for advanced urothelial cancer. The data was announced at the American Society of Clinical Oncology Genitourinary Cancers (ASCO GU) 2018 Annual Meeting on February 9th.
In the release, RNN announced that patients in the study had actively progressing bladder cancer with distant metastases to multiple sites including the liver, lung, lymph nodes and pelvis. According to the release, 87% of patients had received two or more prior lines of therapy, including gemcitabine (85% of patients) and immunotherapy (67% of patients).
RNN said that 21 patients were included in the efficacy analysis. Out of the 21 patients 33% experienced progression free survival for two months or more and 19%, or four patients, had disease stabilization for greater than four months with one of these patients having stable disease for 301 days. Also Rexahn Pharmaceuticals announced that four patients had a reduction in tumor size that was equal to or greater than 15%. Finally, RNN said that the data showed the treatment to be safe and well-tolerated. In a statement, Ely Benaim, M.D., CEO at RNN, had the following to offer:
The trial is still ongoing, but there is a strong efficacy signal to support further development of RX-3117 in advanced bladder cancer… There is nothing approved for third line treatment of bladder cancer. These patients are usually transferred to palliative and supportive care only, so we are very pleased with the data emerging from this study.
What We’re Seeing From The Stock
As investors, one of the first lessons we learn is that the news moves the market. In this particular case, the news proved to be overwhelmingly positive. After all, while still early in the study, the preliminary data that we’re seeing is overwhelmingly promising. So, it’s no surprise to see that the stock is making a run for the top. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:08), RNN is trading at $2.00 per share after a gain of $0.10 per share or 5.26% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to follow RNN. In particular, we’re interested in the continued development of RX-3117 as the treatment seems to be an incredibly promising candidate. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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