Rockwell Medical Inc (NASDAQ:RMTI), a fully-integrated biopharmaceutical company targeting end-stage renal disease (ESRD) and chronic kidney disease (CKD) with innovative products and services for the treatment of iron replacement, secondary hyperparathyroidism and hemodialysis, announced today that it filed an IND to investigate Triferic as a potential treatment for patients with a rare anemia condition called iron-refractory, iron-deficiency anemia (IRIDA).
Raymond D. Pratt, Chief Medical Officer of Rockwell stated, “IRIDA patients currently have no available treatment options, and we believe that Triferic can address this unmet need and offer patients a form of iron which can treat their anemia and improve their well-being. We plan to begin conducting studies with Triferic for this orphan disease this year. Rockwell is committed to exploring the unique properties of Triferic to benefit patients not only with renal disease but also in conditions where elevated hepcidin leads to functional iron deficiency.”
IRIDA is an orphan disease caused by a mutation in a gene controlling the expression of hepcidin, which leads to high levels of hepcidin. It is a life-long affliction that manifests in early childhood. Patients with IRIDA have high hepcidin levels and cannot absorb oral iron. Hepcidin blocks the iron transporter responsible for the release of iron from cells of the reticuloendothelial system (RES). Consequently, IRIDA patients also do not respond to IV iron preparations, which have to be processed in the RES. Triferic has a unique mechanism of action which bypasses the RES processing step and donates iron directly to transferrin for use in erythropoiesis. Less than 100 patients from families of different ethnic origin have been described withIRIDA to date, however it is likely that this condition is underdiagnosed. (Original Source)
Shares of Rockwell Medical closed last Friday at $7.91. RMTI has a 1-year high of $18.90 and a 1-year low of $5.47. The stock’s 50-day moving average is $7.25 and its 200-day moving average is $9.99.
On the ratings front, Rockwell has been the subject of a number of recent research reports. In a report issued on December 8, Oppenheimer analyst Ling Wang assigned a Buy rating on RMTI, with a price target of $26, which represents a potential upside of 228.7% from where the stock is currently trading. Separately, on November 10, Brean Murray Carret’s Jonathan Aschoff reiterated a Sell rating on the stock and has a price target of $4.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Ling Wang and Jonathan Aschoff have a total average return of -24.0% and -14.0% respectively. Wang has a success rate of 11.0% and is ranked #3622 out of 3637 analysts, while Aschoff has a success rate of 29.1% and is ranked #3613.
Rockwell Medical Inc is a biopharmaceutical company targeting end-stage renal disease and chronic kidney disease with products and services for the treatment of iron deficiency, secondary hyperparathyroidism and hemodialysis.