Thanks, FDA: NephroGenex Investors Rejoice After New Clearance
NephroGenex Inc (NASDAQ: NRX), the pharma company focused on the development of therapeutics to treat kidney disease, is soaring by 68.05 percent to $2.42 on Monday. The astronomical move follows the company's announcement of FDA clearance for IND Application for clinical study of Intravenous Pyridorin in the treatment of acute kidney injury (AKI).
Within the first hour of trading, shares changed hands at $2.30, up 86 cents from last Friday's close.
Acute kidney injury is considered a serious medical condition. It is characterized by a sudden loss of kidney function. As many as 18 percent of hospital inpatients are affected by the disease, and it is responsible for nearly 2 million deaths annually worldwide. Recently, a completed preclinical toxicity study of intravenous Pyridorin did not show signs of toxicity or intolerance to the drug.
Related Link: NephroGenex: A Significant Unmet Medical Need
AKI And Pyridorin
"The clearance of our IND application for I.V. Pyridorin represents a significant milestone for our AKI program," said Dr. Jaikrishna Patel, Chief Medical Officer. "We look forward to further investigating intravenous Pyridorin, which we believe has the potential to be an important treatment option for patients suffering from hospital-acquired AKI," Patel explained.
NephroGenex is a clinical-stage pharmaceutical company that focuses on developing therapeutics to treat kidney diseases. The company's clinical program has been implemented and designed with the world's leading clinical investigators in kidney disease. NephroGenex's product pipeline includes an oral formulation of Pyridorin, which is currently under development as a chronic, therapeutic agent to slow the progression of diabetic nephropathy. An additional product includes an intravenous formulation of Pyridorin to treat AKI.
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