Rexahn Pharmaceuticals, Inc. (NYSEMKT: RNN)
Rexahn Pharmaceuticals offered investors a bit of insight into Phase 1 studies of its cancer fighting compounts known as Supinoxin and RX-3117. Overall, the data presented was positive. Today, we’ll talk about what we saw from the data, how the market reacted to the news, and what we can expect to see moving forward.
RNN Presents Positive Data!
As mentioned above, RNN announced preliminary data from its Phase 1 studies looking into Supinoxin and RX-3117. The data was provided via two poster presentations at the 18thECCO and 40th ESMO European Cancer Congress 2015. The preliminary results of the Phase 1 trial demonstrate that at the current dose level, orally administered Supinoxin appeared to be safe and well tolerated. While there was one unrelated Grade 2 adverse event, there were no Grade 3 or 4 adverse events realized so far in the study. Here’s what Dr. Peter D. Suzdak, CEO of RNN had to say…
“We were pleased to have the opportunity to showcase promising preliminary data from both the Supinoxin and RX-3117 clinical programs at this prestigious cancer meeting… The initial clinical results demonstrate that both Supinoxin and RX-3117 appear to be safe and well tolerated and also show encouraging preliminary evidence of clinical activity. We believe these results underscore the unique mechanism of action of both compounds and their ability to selectively target key molecular pathways involved in cancer biology.”
How The Market Reacted To The News
In general, when positive data is released surrounding a biotechnology company and its prospects, we tend to see growth in the stock. Although the data was overwhelmingly positive, we’re realizing an adverse reaction in the market. However, I don’t believe that the market activity surrounding the stock has anything to do with the data that was released. After all, the entire market is seeing declines today. The reality is that more and more reasons for the Federal Reserve to raise rates in October are starting to pop up, which is leading to quite a bit of investor concern. With that said, RNN is currently (1:03) trading at $0.54 per share after a loss of 11.46% so far today.
What We Can Expect To See Moving Forward
Moving forward, I have an overwhelmingly bullish opinion of RNN. While the company has no approved treatments quite yet, the data presented shows that they are on the right track. It may take some time for RNN to grow into one of the greats, but I do believe that the company has the ability to do just that.
What Do You Think?
Where do you think RNN is headed and why? Let us know your opinion in the comments below!
[Image Courtesy of Washington Business Journal]