ContraVir Pharmaceuticals Inc (NASDAQ: CTRV) is flying in the market this morning, and for good reason. The company announced that it has recieved approval surrounding an Investigational New Drug, or IND, application. Of course, the approval excited investors, sending the stock on a run for the top. Today, we’ll talk about:
- The IND approval;
- what we’re seeing from the stock as a result;
- and what we’ll be watching for with regard to CTRV ahead.
CTRV Announces IND Approval
As mentioned above, ContraVir Pharmaceuticals is having a great start to the trading session this morning after the company announced the initiation of a clinical development program. In a press release issued early this morning, CTRV announced that it will be initiating the clinical development program surrounding CRV431, pursuant to the acceptance of the Investigational New Drug (IND) application by the United States Food and Drug Administration (FDA). In a statement, James Sapirstein, CEO at CTRV, had the following to offer:
With the IND approval that was announced this morning, the company will begin a streamlined early clinical program to test the safety and efficacy of the treatment in healthy volunteers as well as HBV-infected patients in the United States. In the release, the company said that with an agreement of an accelerated clinical program, it plans to move quickly from a single ascending dose treatment of healthy volunteers to a single dose drug-drug interaction study with Viread. Ultimately, the company will be moving toward a multi-dose 28-day pilot in HBV patients. We are extremely excited to commence our first clinical studies for CRV431 in the United States… The FDA’s approval of our development strategy in accelerating the clinical development of CRV431 allows us to move into patient trials in an expedited manner. The achievement of this milestone marks ContraVir as one of the few companies with two anti-HBV assets in clinical development. This progress is a testament to our team and the underlying dedication we have to streamline development of two very promising drugs in our pipeline, TXL™ and CRV431, both of which have the potential to be part of one or more curative treatments.
What We’re Seeing From The Stock
With the IND approval in mind, investors are excited and sending the stock screaming for the top. Of course, this makes sense with ContraVir moving its candidate along. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (10:20), CTRV is trading at $1.57 per share after a gain of $0.12 per share or 8.27% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on CTRV. In particular, we’re interested in following the story surrounding the company’s coming clinical trial surrounding CRV431 and excited to see how everything goes. Nonetheless, we’ll continue to keep a close eye on the news and bring it to you as it breaks!
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