Nymox Pharmaceutical Corp. (NASDAQ: NYMX) took a mystery beating last Friday, to the point that a single stock circuit breaker was triggered for a halt. The company said that it had no news nor any material information to account for the mystery drop that still ended up with a decline of 8% in the stock. Now the company has released news with an update on its U.S. Phase 2 prostate cancer clinical trial activities for NX-1207. This is the company’s investigational drug that is being tested for early stage prostate cancer.
The company said:
The prostate cancer trial has reached the halfway point in patient recruitment. Safety assessments to date have been positive with no serious or unexpected adverse effects related to the drug. The NX03-0040 prostate cancer clinical study of 150 men is testing low (2.5 mg) and high (15 mg) single doses of NX-1207 for the effect to eradicate or shrink low grade localized prostate cancer tumors. The NX-1207 dose is administered directly into the area of the prostate where the cancer was detected. The procedure is performed by a urologist in an office setting, does not require anaesthesia, sedation, or catheterization, takes only a few minutes and involves minimal discomfort to the patient. Patients in the study are randomly allocated to either low or high dose NX-1207 or to active surveillance (no drug or surgical or radiation treatment). Patients undergoing active surveillance in the trial also have the opportunity to receive NX-1207 after their trial active surveillance participation is completed. NX-1207 is also in Phase 3 clinical trials in the U.S. and Europe for the treatment of benign prostatic hyperplasia (BPH).
Nymox’s NX-1207 has been tested for BPH and cancer in 10 clinical trials to date. Six of these trials are ongoing or nearing completion. The company also noted that its NX-1207 is in Phase 3 clinical trials in the United States and Europe for the treatment of benign prostatic hyperplasia.
What was interesting is that Nymox shares fell yet again on Monday to $4.99 from $5.32 (and versus $5.83 on Thursday and $6.36 last Wednesday). Investors obviously wanted to get out of the way ahead of any data. Today’s news looks more to be about safety rather than about efficacy, and it is the efficacy that makes or breaks companies (so long as safety is addressed too).
Shares are up 4% at $5.20, but so far we are seeing no serious mad recovery in the stock. Nymox has a $170 million market cap and its 52-week trading range is $4.20 to $8.53.