Eloxx Pharmaceuticals, Inc. (ELOX) has seen a rise of 11.95% in aftermarket. However, the last trading session closed at $0.6592 with a decrease of 3.86%.
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Phase 2 Clinical Trial of ELX-02 – Results Revealed!
On 17th November 2021, ELOX announced the positive topline results from monotherapy arms of the Phase 2 Clinical Trial. The trial’s intra-patient dosage escalation stage revealed 1.5 mg/kg/day as the dose to explore further. The planning for the progression of ELX-02 into Phase 3 clinical development has begun, based on statistically significant monotherapy findings seen at the 1.5mg/kg/day dosage.
Moreover, ELX-02 has been given Fast Track status by the US Food and Drug Administration (FDA). Furthermore, the FDA has designated ELX-02 as an orphan drug for the treatment of CF patients with nonsense mutations, and the European Medicines Agency has designated it as an orphan medicinal product.
The topline results from the monotherapy arms of the Phase 2 study have given ELOX great hope, and they think that ELX-02 if authorized, has the potential to change the lives of Class 1 CF patients with nonsense mutations who now have no treatment options.
Third Quarter 2021 Results – How’s the quarter?
On 9th November 2021, ELOX stated third quarter 2021 results. The company reported a net loss of $9.9 million. Moreover, the research and development costs rose to $5.2 million. The rise was mostly due to expenses connected to the continuing development of ELX-02 as a result of the COVID-19 pandemic’s impact in the preceding year period, as well as an increase in wages and other personnel-related costs, as well as an increase in operating facilities.
Furthermore, general and administrative expenditures were $5.0 million, including $1.9 million in stock-based compensation. The rise in stock-based compensation expenditure, an increase in wages and other personnel-related costs, as well as an increase in legal, accounting, and other professional fees, all contributed to the increase. Last but not the least, ELOX had $52.4 million in cash and cash equivalents.
ELOX is working on developing new Ribosome Modulating Agents (RMAs) and a library of Eukaryotic Ribosome Selective Glycosides by using its revolutionary TURBO-ZMTM chemical technology platform (ERSGs). ELX-02, Eloxx’s flagship experimental product candidate, is a small molecule medication that aims to restore full-length functional protein synthesis. The cystic fibrosis drug ELX-02 is now in clinical testing. In addition, ELOX also offers preclinical initiatives in hereditary illnesses, cancer induced by nonsense mutations, renal ailments, such as autosomal dominant polycystic kidney disease, and uncommon ocular genetic abnormalities.