Health and Healthcare
Why Nymox Pharmaceutical Took Off
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Nymox Pharmaceutical Corp. (NASDAQ: NYMX) shares made solid headway in Wednesday’s session on positive results from a cancer trial. The company announced results from its seven-year prospective placebo controlled double-blind studies of treatment of 995 U.S. men with its lead drug fexapotide. Overall, men who received fexapotide showed a major reduction in the incidence of prostate cancer, compared to placebo, and compared to the known and expected normal incidence of the disease.
Currently, the drug is in Phase 3 for prostate enlargement (BPH) and Phase 2 for prostate cancer. It has been tested in over 1,700 drug and placebo treatment administrations in the United States.
As a treatment for BPH, fexapotide shows long-term efficacy without the safety risk and side effect concerns or added cancer risk associated with currently approved BPH treatments. As a treatment for prostate cancer, fexapotide was found to lead to highly statistically significant reduction in disease progression in a large 147 patient multiyear Phase 2 study of U.S. men with low-grade cancer.
Other drug treatments and controls tested in similar studies have been associated with a prostate cancer incidence 10 times higher than the results reported by Nymox for fexapotide.
Dr. Paul Averback, CEO of Nymox, commented:
The new results now add a third dimension to fexapotide utility: clinical prostate cancer prevention. The drug has now demonstrated statistically significant prospective long-term outcome data showing dramatic reduction in the incidence of newly diagnosed prostate cancer after minimal BPH treatment with fexapotide. Nymox announced in Q3 last year that it will seek regulatory approvals for fexapotide for BPH based on the long-term BPH safety and efficacy data announced Q3 last year. We believe that the exciting new prostate cancer prevention results reported today will add to the evidence in fexapotide’s favor towards our goal of widespread major benefit for middle-aged and elderly men.
So far in 2016, Nymox has underperformed the broad markets, with the stock down about 30%. However, over the past year the stock is actually up 76%.
Shares of Nymox were trading up 25% at $2.93 on Wednesday, with a consensus analyst price target of $10.25 and a 52-week trading range of $1.13 to $4.37.
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