Eloxx Pharmaceuticals, Inc. (ELOX) stock prices were up by 5.67% as of the market closing on May 27th, 2021, bringing the price per share up to USD$1.49 at the end of the trading day. Subsequent pre-market fluctuations have seen the stock rise by 7.38%, bringing it up to USD$1.60.
Acquisition of Zikani Therapeutics
April 1st, 2021 saw the acquisition of Zikani Therapeutics, Inc., a ribosomal modulation company, in an all-stock transaction. ELOX cited the motivation behind the acquisition as wanting to maximize the potential for ELX-02 for CF, which is currently in Phase 2 development. The collaboration also results in the addition of a preclinical stage pipeline in rare diseases and oncology targeting RNA and ribosomal mutations. The company expects to file an Investigational New Drug Application for the first oral drug to treat patients with Recessive Dystrophic and Junctional Epidermolysis Bullosa in 2022.
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Development of Phase 2 ELX-02 Program
The company also recently announced the addition of a new study arm to its global Phase 2 clinical program for ELX-02 in regard to the treatment of CF in patients with at least one G542X allele. The Phase 2 clinical program now include a fifth treatment arm to evaluate the safety of ELX-02 in combination with Kalydeco. Kalydeco is an FDA-approved CF transmembrane conductance regulator (CFTR) potentiator. It is used for the treatment of CF in patients with at least one mutation in their CF gene amenable to ivacaftor. The company is forecasting presenting data from the first four treatments in the second half of 2021.
Net Loss Reports
ELOX reported a net loss of USD$8.7 million for the quarter ended March 31st of the fiscal year 2021, representing a net loss of USD$0.22 per share. USD$1.3 million contributed to this number in the form of stock-based compensation. These numbers reflect an improvement from the net loss of USD$13.9 million reported in the same quarter of the year prior, representing a net loss of USD$0.35 per share.
Solid Liquidity Position
The company reported a solid liquidity position as of March 31st, 2021, with records indicating ELOX having USD$18.2 million in cash and cash equivalents. The capital available to the company is planned to be allocated towards funding company operations through to the third quarter of the fiscal year 2021.
Future Outlook for ELOX
Armed with a solid liquidity position and a prospectively lucrative partnership, ELOX is poised to further develop its pipeline to reach commercialization and, therefore, further growth. Current and potential investors are hopeful that the company will be able to leverage the resources at its disposal to facilitate significant and sustained increases in shareholder value.
