|RNN says two-thirds of total patients now enrolled in clinical trial|
|Thursday, 05 May 2011 08:00|
Rexahn Pharmaceuticals, Inc. (Amex: RNN), one of our favorite clinical stage biotech investment plays, today announced that it has enrolled two-thirds of the total patients needed for its Phase IIb clinical trial to study the safety and efficacy of Serdaxin to treat major depressive disorder (MDD).
Instead of accepting an offer detailed with $20 million up front and coupled with over $1 billion in milestone payments, financial advisors convinced the company’s conservative management team to finish Phase II studies of the drug as a treatment for major depressive disorder. Other experts suggested that by doing so, Rexahn would return armed with stronger data and a bigger bargaining chip later this year.
"Serdaxin’s Phase IIb clinical trial enrollment is on schedule, and we are on track to report preliminary results by the end of this year," said Rick Soni, President of Rexahn.
In April, Jonathan Moreland, author of Profit From Legal Insider Trading repoied that Ahn Chang Ho, the CEO of RNN purchased $391,432 worth of shares in RNN in the open market. The stock has been eating through some overhang which resulted from a recent March 31st financing. Since that time, prices have been building a base around the $1.17 mark.
Like Clinical Data’s Viibryd, Serdaxin has all the markings of a blockbuster; but in addition, it has shown the potential to treat multiple CNS illnesses including depression, anxiety, and other mood disorders and that clearly makes it even more attractive to Big Pharma. In addition, Serdaxin has demonstrated neuroprotective activity that may have the unique ability to not only treat symptoms, but also slow the progression of neurodegenerative diseases, such as Parkinson’s and Alzheimer’s disease.
Serdaxin works on the pleasure center of the brain and helps raise both dopamine and serotonin levels. Scientists believe the drug will continue to show excellent efficacy and that its safety profile is solid.
Rexahn has multiple clinical programs planned for investigating Serdaxin in the treatment of anxiety disorders, Parkinson’s disease, Alzheimer’s disease and neurodegenerative illnesses, neuroprotection and biodefense uses.
This continues to be one of the most undervalued biotechs with multiple blockbuster-type drugs in their late-stage pipeline. A Phase I study looking at the drug candidate’s abilities against Parkinson’s should be announced soon.