Eloxx Pharma up 19% on positive ELX-02 data

Thinly traded micro cap Eloxx Pharmaceuticals (ELOX +19.2%) is up on almost 50% higher volume, albeit on turnover of only 127K shares, in reaction positive Phase 1 results for cystic fibrosis candidate ELX-02. The data were presented at the North American Cystic Fibrosis Foundation Conference in Nashville, TN.

ELX-02 showed favorable pharmacokinetic activity, high bioavailability and an acceptable safety profile dosed subcutaneously twice weekly.

Phase 2 studies are underway assessing a daily 50 mg/mL dose.

ELX-02 is a eukaryotic ribosomal selective glycoside, a molecule that modulates the ribosome, a part of the cell that plays a major role in protein production. It is designed to increase the read-through activity in patients with nonsense mutations, enabling the production of enough full-length protein to restore biochemical activity. CF is caused by the absence of or dysfunction in a protein called CFTR resulting from mutations in the gene that encodes the protein.

Management will host a conference call on Tuesday, November 5, to discuss the data.

https://seekingalpha.com/news/3512594-eloxx-pharma-19-percent-positive-elxminus-02-data