Shares of biopharmaceutical company Eloxx Pharmaceuticals (NASDAQ:ELOX) are on the rise today after it announced positive results from a Phase 2 study evaluating ELX-02 for the treatment of Alport syndrome (at eight weeks of treatment).
Alport syndrome is characterized by impairment of kidney filter function which can result in proteinuria. In the study, an assessment of kidney biopsies pointed to an improvement in foot process effacement in all three subjects making ELX-02 the first potential therapy to demonstrate these promising results.
Buoyed by these results, Eloxx now plans to initiate a pivotal trial of the therapy. Further, the company is also planning to commence clinical study for its product candidate ZKN-013 in recessive dystrophic epidermolysis bullosa (RDEB) and expects to dose the first patient by the end of this year.
Further, the company also posted numbers for the second quarter today with net loss per share at $1.96 coming in wider than estimates by $0.42. Eloxx is yet to start generating revenues and had a cash balance of $4.3 million at the end of the quarter.
This month, it also raised $1.7 million in gross proceeds from an equity offering and has received an extension from NASDAQ to regain listing compliance by October 9, 2023.
Despite this slew of major developments, the stock is still down nearly 62% over the past year. Meanwhile, the Street has a $55 consensus price target on Eloxx, implying a more than massive 918% potential upside in the stock.
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