ContraVir Pharmaceuticals Inc. (NASDAQ:CTRV)
ContraVir Pharmaceuticals Inc. (NASDAQ:CTRV) shares traded higher after the Medicines & Healthcare Products Regulatory Agency MHRA accepted its Clinical Trial Application for TXL program in the UK. Investors reacted to the news by sending the stock up 5.99% to $0.54 a share.
However, ContraVir Pharmaceuticals Inc. (NASDAQ:CTRV) is down by more than 50% for the year as it continues to trade close to its 52-week low of $0.45 a share. It faces immediate resistance at the $0.60 mark, above which it could rise to the $0.70 level.
The TXL Clinical Trial Application in the UK is supported by data from a Phase 1 multiple-dose studies of healthy subjects and a head-to-head comparison to Viread in HBV infected subjects. ContraVir Pharmaceuticals Inc. (NASDAQ:CTRV) is currently developing a second-generation formulation of TXL as it seeks to optimize pharmacological characteristics of the liver targeted tenofovir drug.
“Data from this program will drive the continued clinical development of TXL™, and support the goals of enhanced efficacy at lower doses, potentially delivering greater antiviral potency, while maintaining the low concentrations of circulating tenofovir [..],” Contravir in a press release.
Approval of the Clinical Trial Application should allow the company to dose its first patient in the UK before the end of the month. Approval would also mark an important milestone as it would permit accelerated optimization of the TXL formulation.
Separately, the United States Patent and Trademark Office (USPTO) has granted ContraVir Pharmaceuticals Inc. (NASDAQ:CTRV) a new patent, CRV431, covering a broad collection of cyclophilin inhibitors used in the treatment of Hepatitis B. The new patent extends the claims of the original CRV 431 family and will be used with tenofovir exalidex in Phase 2 clinical trials.
CRV431 is a non-immunosuppressive analog whose primary action is inhibition of cyclophilin isomerase activity which helps in protein folding. According to the Chief Executive Officer, James Sapirstein, the new patent allows access to additional disease indications which should expand beyond the current HBV program.
“We are very pleased to have received the issuance of this additional patent, as it provides broad coverage of many compounds within our library of cyclophilin inhibitors. This also positions us for opportunities to potentially treat other diseases,” said Mr. Sapirstein.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.