- Xenetic Biosciences leverages its proprietary drug delivery platform, PolyXen, in collaboration with biotech and pharmaceutical firms.
- Xenetic shares quadrupled after the company reported positive Phase 3 data from its partner’s study from PolyXen® treating patientswith chronic kidney disease (CKD).
- The biopharmaceutical has also announced registered direct offering at the market rate, worth $6 million.
Xenetic Biosciences, Inc. (XBIO) shares made a bold move on Wednesday after the company reported upbeat results from Phase 3 trials of PolyXen® conducted by its partner, PJSC Pharmsynthez.
Xenetic shares more than quadrupled escalating up to a 52-week high of $5.85. The trading opened at $3.87 compared to the prior close of $1.08. XBIO stock closed at $3.17 up by almost 193.52%.
The positive results from PJSC Pharmsynthez Phase 3 study pushed the trading volume to nearly 183 million, up from the average volume of 3.1 million.
In partnership with PJSC Pharmsynthez, Xenetic is developing PolyXen as the potential therapy for anemia in patients with chronic kidney disease (CKD).Pharmsynthez conducted the pivotal Phase 3 clinical trials in Russia to study the safety, tolerability, and efficacy of Epolong in comparison with Aranesp®.
Epolong is a polysialylated formrecombinant human erythropoietin that supports PolyXen to be effective in treating anemia in patients with CKD. The results showed that Epolong was non-inferior to Aranesp based on both primary and secondary endpoints.
A maximum of 74% of patients obtained the targeted hemoglobin range in the Epolong group compared to 52% in the Aranesp group. Those patients who achieved the hemoglobin target range were 3.5 times more in the Aranesp group than in the Epolong group.
The Phase 3 study consisted of almost 150 patients across 36 medical institutions in Russia. The core objective of Xenetic is to improve the half-life and other pharmacological assets of the next-generation biologic drugs.
The company thrives to modulate the pharmacodynamic and pharmacokineticprofiles of protein drugs. With the upbeat Phase 3 data, Xenetic will now approach for registration filing for Epolong in Russia. The biopharmaceutical expects the submission of filing in 2021.
Following Phase 3 results of PolyXen, Xenetic Biosciences also announced tosell its common stock equity to certain institutional and accredited investors. As per the securities purchase agreement, the company will sale approximately 2.4 million common stock shares at a per share price of $2.45. The following offering will be done under a registered direct offering at the market price pursuant to Nasdaq rules.
The offering is anticipated to close on Dec. 14, 2020, based on the customary closing conditions. The company expects to receive gross proceeds of almost $6 million excluding offering expenses and placement agent fees.
Xenetic Biosciences, Inc. (XBIO) plans to utilize the net proceeds for working capital, general corporate purposes, and its XCART™ platform.
The ballistic push in the prior trading session seems to cool down today. As we write this at 5:00 AM EST, XBIO is down by 15.14% trading around $2.69.