RXi Pharmaceuticals Corp (NASDAQ: RXII) is having an overwhelmingly strong start to the trading session this morning after the company announced positive clinical results. Of course, the news excited investors, sending the stock screaming for the top. Today, we’ll talk about:
- The results;
- what we’re seeing from RXII; and
- what we’ll be watching for ahead.
RXII Announces Positive Clinical Results
As mentioned above, RXI Pharmaceuticals is having an incredibly strong start to the trading session this morning after news broke surrounding positive clinical data. In a press release issued early this morning, the company announced positive results from the Phase 1/2 clinical trial evaluating RXI-109. RXI-109 is an injection in the eye that is being assessed as a treatment for patients with advanced neovascular age-related macular degeneration and accompanying subretinal fibrosis.
In the release, RXII said that the primary endpoint of the study was met. This endpoint was the absense of dose-limiting and serious toxicities as well as only mild to moderate procedure related adverse events. In the release, the company said that none of the adverse events were drug related. Also, comprehensive ocular exams showed no indications of inflammation or any other tolerability issues. Therefore, RXI-109 proved to be safe and well tolerated for all patients across 3 dose groups. In a statement, Gerrit Dispersyn, DR. Med. Sc., Chief Development Officer at RXII, had the following to offer:
This study is exciting on several levels. First, the impressive safety and tolerability of intravitreal injections of RXI-109 and the promising clinical data, support further development of this compound in retinal scarring. In addition, these positive findings also open significant avenues for the use of our platform technology in ophthalmology, with sd-rxRNA targeting other proteins for other ocular indications. Also, the results contribute to an already extensive set of data that RXI-109, by preventing the overexpression of connective tissue growth factor, can result in a positive impact in various indications where excessive fibrosis is seen. Even though this is a small study, it is encouraging that some of the summary statistics on ocular assessments performed in the study eye at the last follow-up visit, suggest a more pronounced change over baseline in the highest dose group (Cohort 3), compared to other groups.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news leads to moves. In the case of RXI Pharmaceuticals, the news proved to be overwhelmingly positive. After all, strong clinical results mean that the company is able to progress with regard to the development of RXI-109. So, it comes as no surprise that excited investors are sending the stock up in the market this morning. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:46), RXII is trading at $2.07 per share after a gain of $0.59 per share or 39.86% 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 RXII. In particular, we’re interested in following the continued development of RXI-109 as the treatment seems to be yielding positive results in the clinic. Nonetheless, we’ll continue to keep a close eye on the news and bring it to you as it breaks!
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