During Friday’s Morning trade, Shares of Nephro Genex Inc (NASDAQ:NRX), gained 0.75% to $2.03.
NephroGenex, stated financial results and business highlights for the third quarter ended September 30, 2015.
“During the third quarter of 2015, we continued to make progress in advancing our Phase 3 study of oral Pyridorin for the treatment of diabetic nephropathy, adding new clinical sites and increasing the number of randomized patients. We remain on track to complete enrollment by mid-2016,” said CEO and President Pierre Legault.
Mr. Legault continued, “We are on track to submit an IND by the end of 2015 for our second product candidate, intravenous Pyridorin for the treatment of acute kidney injury following the pre-IND meeting with the FDA earlier this year. We recently stated positive results from a preclinical toxicity study of I.V. Pyridorin, which was suggested by the FDA. There were no signs of intolerance or toxicity in this study, thereby paving the way for the clinical phase of the program.”
Program and Corporate Updates:
- Phase 3 PIONEER trial recruitment on target for full enrollment in mid-2016. NephroGenex continues to recruit PYR-311, the first of two double-blind, placebo-controlled studies to evaluate the safety and efficacy of oral Pyridorin® in reducing the rate of renal disease progression in type 2 diabetic patients. The Company anticipates to have 150 sites initiated and enrolling patients in the U.S., Europe and Asia Pacific by the end of 2015, and is on track to fully enroll the trial by mid-2016. This study is part of the Phase 3 PIONEER program for which the Company has received a Special Protocol Assessment from the FDA that incorporates the new endpoint of the time to reach a 50% improvement in serum creatinine/ESRD. Pyridorin has also been granted a Fast Track Designation from the FDA for this indication and has received positive Scientific Advice from the European Medicines Agency.
- Closed equity financings to support ongoing product development programs. Since July 1, 2015, NephroGenex has raised a total of $13.2 million net of offering expenses in public and private offerings of common stock and warrants. If all short-term warrants issued in this month’s private placement are exercised, additional net proceeds would total about $21.5 million.
- Positive results stated from toxicity study of intravenous Pyridorin for acute kidney injury (AKI). The Company declared positive results from a preclinical toxicity study of I.V. Pyridorin that was suggested by the FDA preceding to commencing clinical trials with the I.V. formulation for the AKI development program. The study stated no signs of intolerance, toxicity or behavioral changes at doses of 50, 100 and 200 mg/kg of Pyridorin administered once daily via intravenous infusion for over 30 minutes for seven successive days. In previous studies utilizing the ischemia-reperfusion mouse model of AKI, Pyridorin treatment ameliorated renal oxidative stress and injury, improved functional recovery and reduced post-injury fibrosis.
NephroGenex, Inc., a drug development company, focuses on developing novel therapies for kidney disease. It develops Pyridorin (pyridoxamine dihydrochoride), a therapeutic agent, which is in Phase III clinical study for the treatment of diabetic nephropathy.
Shares of BG Medicine, Inc. (OTCMKTS:BGMD), inclined 4.76% to $0.660, during its current trading session.
BG Medicine, declared that the company will host a business update conference call and webcast on Tuesday, November 17, 2015, starting at 8:30 a.m. Eastern Time.
BG Medicine, Inc., a commercial stage company, engages in developing and commercializing diagnostic products used to guide the patients suffering from heart failure and related disorders.
Finally, Shares of Eclipse Resources Corp (NYSE:ECR), gained 14.71%, and is now trading at $2.73.
Eclipse Resources Corporation, declared its third quarter 2015 financial and operational results. Highlights for the quarter comprise:
- Third quarter of 2015 net production averaged 225.2 MMcfe/d, which was about 5% above the high end of the Company’s formerly issued guidance range for the quarter and represents a 163% improvement to the third quarter of 2014 and a 13% sequential improvement over the second quarter 2015. For the third quarter 2015, the production mix was about 65% natural gas, 19% NGL’s and 16% oil
- The Company drilled 9 gross (4.8 net) wells, accomplished 15 gross (7.2 net) wells and turned 22 gross (6.4 net) wells to sales in the third quarter
- Third quarter 2015 Adjusted Revenue1 grew to $71.3 million, representing a 98% improvement relative to the third quarter of 2014; third quarter revenue grew to $71.2 million
- Adjusted EBITDAX1 grew to $29.6 million for the third quarter of 2015 representing a 126% improvement relative to the third quarter of 2014
- Third quarter 2015 Operating Expense2 of $1.22 per Mcfe is about 10% below the low end of the Company’s formerly issued guidance range for the quarter
- Realized natural gas price before the impact of cash settled derivatives and not taking into account firm transportation expenses was $2.86 per Mcf, a $0.10 premium to NYMEX during the quarter. Realized natural gas price before the impact of cash settled derivatives and counting transportation costs averaged $2.56 per Mcf, a $0.20 per Mcf discount to NYMEX during the quarter. Realized natural gas price after the impact of cash settled derivatives and counting transportation costs averaged $3.20 per Mcf, a $0.44 premium to NYMEX during the quarter
- Realized oil price before the impact of cash settled derivatives averaged $37.52 per barrel, a $9.29 per barrel discount to WTI oil price during the quarter. Realized oil price after the impact of cash settled derivatives averaged $38.98 per barrel, a $7.83 per barrel discount to WTI during the quarter
- Realized natural gas liquids price, counting transportation costs, averaged $4.16 per barrel, or about 9% of the average WTI oil price during the quarter ($5.75 per barrel on operated properties, and $0.89 per barrel on non-operated properties)
- The Company raised its natural gas hedges for 2016 to 135 MMbtu/d with an average weighted floor price of $3.11
- Subsequent to the end of the quarter, the Company’s borrowing base under its revolving credit facility was reaffirmed at $125 million and remains undrawn. The Company’s liquidity position at the end of the third quarter stood at $325 million3
- The Company raised its full year 2015 production guidance by about 3% to 202-205MMcfe/d and reduced its full year 2015 capital expenditure guidance by about 6% to $330 million.
Eclipse Resources Corporation, an independent exploration and production company, acquires and develops oil and natural gas properties in the Appalachian Basin. The company owns interests in the Utica Shale and Marcellus Shale areas. As of December 31, 2014, it had an acreage position approximating 221,700 net acres in Eastern Ohio.