Tenax Therapeutics Inc. (NASDAQ:TENX)
Shares of Tenax Therapeutics Inc. (NASDAQ:TENX) gained 34.16% in Friday’s trading session, to end the week at $0.5098 a share. The specialty pharmaceutical company has come under pressure this year as investors continue to question its long-term growth prospects.
TENX Stock Performance
TENX is down by more than 70% for the year as the pharmaceutical company failed to issue updates detailing developments on ongoing clinical programs.
In July, Tenax Therapeutics Inc. (NASDAQ:TENX) held discussions with the U.S. Food and Drug Administration (FDA) regarding the regulatory pathway for Levosimendan. The company is investigating the candidate drug as a treatment option for patients undergoing coronary artery bypass grafting (CABG), to reduce the risk of low cardiac output syndrome. Levosimendan is also in trials for the treatment of patients with acute decompensated heart failure.
Positive Levosimendan Clinical Trials
The FDA meeting concentrated on additional analysis of Levosimendan surrounding 66% of the patients in the LEVO-CTS trial who underwent CABG alone. Initial clinical trial results indicate that patients who participated in the trial benefited from a highly significant 73% relative risk reduction in all-cause mortality.
“We are encouraged to find the data generated from the LEVO-CTS supports our continued belief that Levosimendan is an effective and safe inotrope to increase cardiac output in CABG only patients at risk for developing perioperative low cardiac output syndrome,” said CEO Michael Jebsen.
Tenax Therapeutics Inc. (NASDAQ:TENX) is currently awaiting a decision from the FDA on whether Levosimendan’s New Drug Application for the treatment of coronary bypass surgery can be filed. The agency has requested for additional information from published cross-study analyses to aid in its final decision.
Tenax Therapeutics is reviewing a number of strategic alternatives with the assistance of Ladenburg Thalmann & Co. Some of the strategies under review include a merger or a strategic investment into the company. The company is also reportedly open to license agreements as well as the acquisition of assets.
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: Monica has an undergraduate degree in Accounting and an MBA she earned – with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.