Eloxx Pharmaceuticals Inc. (ELOX) shares surged 15.58% in after-market on Monday, June 14, 2021, and closed the day at $2.3 per share. Earlier, ELOX’s stock gained 4.74% in a normal trading session on Monday and closed at $1.99. ELOX shares have fallen 33.22% over the last 12 months, and they have moved up 5.85% in the past week. Over the past three months, the stock has lost 48.71%, while over the past six months, it has shed 33.44%.
Let’s have a look at its recent developments.
Funding award for the development of Ribosome Modulating Agents
On May 27, 2021, Eloxx Pharmaceuticals, Inc received an award of up to $2.6M from the Cystic Fibrosis Foundation, to help to identify optimized oral RMAs for further development in the treatment of cystic fibrosis (CF) patients with nonsense mutations.
Closing Public Offering of Common Stock
On May 18, 2021, Eloxx Pharmaceuticals, Inc closed an underwritten public offering of 38,333,334 shares of common stock at a public offering price of $1.35 per share. The closing included the full exercise of the underwriters’ option to purchase an additional 5,000,000 shares of common stock at the public offering price, less underwriting discounts, and commissions.
The gross proceeds of approximately $51.75 million are expected from the offer.
Recent financial results
May 06, 2021, Eloxx Pharmaceuticals, Inc released its financial results for the three months ended March 31, 2021.
Q1 2021 financial highlights
- Eloxx Pharmaceuticals suffered a net loss of $8.7 million or $0.22 per share for Q1 2021 compared to a net loss of $13.9 million, or $0.35 per share in Q1 2020.
- Research and development expenses were $4.1 million for the three months ended March 31, 2021, compared to $4.8 million inQ1 2020.
- General and administrative (G&A) expenses were $4.3 million for the three months ended March 31, 2021, compared to $5.0 million in Q1 2020.
- The company had cash and cash equivalents of $18.2 million on March 31, 2021.
Update about Phase 2 Clinical Studies for Cystic Fibrosis
On April 29, 2021, Eloxx Pharmaceuticals, Inc announced the addition of a fifth treatment arm in the ongoing global Phase 2 clinical program for ELX-02 for the treatment of cystic fibrosis (CF) in patients with at least one G542X allele.
The fifth treatment arm will evaluate the safety of ELX-02 in combination with Kalydeco (ivacaftor), for the treatment of cystic fibrosis in patients who have at least one mutation in their CF gene amenable to ivacaftor.
Conclusion
Well, s of this writing, there is no recent news or developments behind ELOX’s better performance on Monday.
