Company Update (NASDAQ:TENX): Here’s Why Tenax Therapeutics Inc Shares Lost 75% of Their Value Today
Tenax Therapeutics Inc (NASDAQ:TENX) investors feel like they are in a nightmare, after the pharmaceutical company announced that the top-line results from its Phase 3 LEVO-CTS trial did not achieve statistically significant reductions in the dual endpoint of death or use of a mechanical assist device at 30 days, nor in the quad endpoint of death, myocardial infarction, need for dialysis, or use of a mechanical assist device at 30 days.
Reacting to the news, Tenax shares lost around 75% of their value to hit $0.46 this morning.
“We are disappointed and surprised by the top-line results from this trial, especially given the promising results from earlier published clinical trials. On the other hand, we are encouraged by the statistically significant reduction in incidence of LCOS and use of postoperative secondary inotropes, both of which we believe are clinically important. This is consistent with what we know about how this drug works. In addition, we continue to review the full data set, including the in-process data collection on all-cause mortality through day 90, and will share our complete findings at the upcoming American College of Cardiology (ACC) meeting in March,” said John Kelley, CEO of Tenax Therapeutics. “We thank our clinical collaborators and their patients who participated in this clinical trial with the hope of improving not only their own outcomes, but also the outcomes of future patients undergoing cardiac surgery.”
Analyses of the LEVO-CTS trial results are ongoing and will be presented on Sunday, March 19, 2017, at 8:00 am EDT during a late-breaking clinical trial session at the American College of Cardiology 66th Annual Scientific Session in Washington, D.C.
Tenax Therapeutics, Inc. is a pharmaceutical company, which focuses on identifying, developing and commercializing products for the critical care market. Its objective is to identify, develop, and commercialize novel therapeutic products for disease indications that represent significant areas of clinical need and commercial opportunity. The company was founded on May 26, 1967 and is headquartered in Morrisville, NC.