2024-02-06 10:01:21 ET
Tenax Therapeutic Inc (NASDAQ: TENX) opened nearly 150% up this morning after receiving approval for a patent application.
Tenax Therapeutics stock rallies ahead of earnings
The U.S. Patent and Trademark Office accepted its patent application for levosimendan – its candidate treatment for pulmonary hypertension in patients of heart failure. Chris Giordano – the chief executive of Tenax Therapeutics said in a press release today:
The patent will significantly broaden our existing IP claims, including coverage of expanded dose ranges and the combination of levosimendan and other drugs for use in PH-HFpEF.
The news arrives only days before the biotech firm is scheduled to report its financial results for the fourth quarter. Consensus is for it to lose $8.4 a share in Q4.
Analysts at Roth MKM currently have a “buy” rating n Tenax Therapeutics stock.
FDA cleared levosimendan in November
Note that Tenax Therapeutics is currently testing levosimendan in a late-stage trial of heart failure patients attempting to boost their walking ability. CEO Giordano also said on Tuesday:
“This provides additional rationale for the future development of various drug-drug combinations with levosimendan.”
The U.S. FDA (Food & Drug Administration) had cleared the pharma company’s Investigational New Drug Application for levosimendan (TNX-103) in November of 2023. Then at the start of the new year, Tenax Therapeutics stock went through a 1-for-80 reverse split to remain listed on Nasdaq.
Despite the rally this morning, the biotech stock is still down over 50% versus its high some three months ago.
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