Rexahn Pharmaceuticals, Inc. (NYSEMKT:RNN) announced that it has received a notice of allowance from the United States Patent and Trademark Office (USPTO) for a patent for claims related to the synthesis of its novel anti-cancer investigational drug candidate, RX-3117. RX-3117 is currently in stage 2 of a Phase Ib/IIa clinical trial in patients with metastatic pancreatic cancer.
“Rexahn is pleased to expand the intellectual property protection for RX-3117, which has shown preliminary efficacy in stage 1 of a Phase Ib/IIa clinical trial in patients with metastatic pancreatic cancer,” commented Peter D. Suzdak, Ph.D., Chief Executive Officer of Rexahn. “This latest patent for RX-3117 is an important addition to our overall intellectual property estate and further strengthens our global patent position for RX-3117.”
Data from stage 1 of a Phase Ib/IIa clinical trial was recently presented at The European Society for Medical Oncology (ESMO) congress. Patients with relapsed or refractory metastatic pancreatic cancer, 88% of whom had received 4 or more prior cancer therapies, were treated with RX-3117. There are no approved treatments for pancreatic cancer patients who have failed three or more prior therapies and their survival is usually less than 2 months. These patients would usually be offered palliative or best supportive care. In this study more than 20% of patients treated with RX-3117 exhibited progression free survival of greater than 4 months. An additional 20%, for a total of 40%, of the patients exhibited progression free survival of 2.5 months. Based on positive results, stage 2 of the study has been initiated and an additional 40 pancreatic cancer patients are currently being enrolled. Rexahn has received U.S. Food and Drug Administration (FDA) Orphan Drug Designation for RX-3117 for pancreatic cancer.(Original Source)
Shares of Rexahn are up nearly 7% to $0.18 in pre-market trading Monday. RNN has a 1-year high of $0.52 and a 1-year low of $0.16. The stock’s 50-day moving average is $0.21 and its 200-day moving average is $0.26.
On the ratings front, FBR analyst Vernon Bernardino reiterated a Buy rating on RNN, with a price target of $3, in a report issued on October 10. The current price target represents a potential upside of 1665% from where the stock is currently trading. According to TipRanks.com, Bernardino has a yearly average loss of 21.1%, a 20% success rate, and is ranked #4044 out of 4178 analysts.
Rexahn Pharmaceuticals, Inc. is a clinical stage biopharmaceutical company. It dedicates to the discovery, development and commercialization of innovative treatments for cancer and other medical needs. The company currently has three clinical stage oncology candidates, Archexin, RX-3117, and Supinoxin and a robust pipeline of preclinical compounds to treat multiple types of cancer. It has also developed proprietary drug discovery platform technologies in the areas of nano-medicines, 3D gold and times.