Eloxx Pharmaceuticals (NASDAQ: ELOX) is moving higher on Thursday on very unusual volume.
Eloxx Pharmaceuticals Announces Funding Award from Cystic Fibrosis Foundation for Development of Ribosome Modulating Agents
- announced that the Company has received an award of up to $2.6M from the Cystic Fibrosis Foundation.This award will help to identify optimized oral RMAs for further development in the treatment of cystic fibrosis (CF) patients with nonsense mutations.
“We are honored to receive this funding from the Cystic Fibrosis Foundation in our ongoing commitment to identify and develop new treatments for CF. Their support of novel technologies enables critical research to advance and further evaluate the potential of the TURBO-ZM™ synthetic chemistry platform to develop a new class of therapies. We have tremendous confidence in the potential of RMAs designed with TURBO-ZM™ to treat rare genetic diseases,” said Sumit Aggarwal, President and Chief Executive Officer. “In preclinical models, novel RMAs have demonstrated the potential for significant readthrough and functional activity.”
Mr. Aggarwal continued, “In addition, the development of a Ribosome Modulating Agent for the treatment of CF with support from the Cystic Fibrosis Foundation complements our ongoing ELX-02 program, currently in Phase 2 clinical trials. Data from these Phase 2 trials is expected in the second half of this year.”
Market Action
As of 12:25, ELOX stock is trading up by 6.45% to $1.50. The stock has witnessed a total volume with 1.71 million shares, compared to its average volume of 816K. The stock has moved within a range of $ 1.4500 – 1.5500 after opening the trade at $1.48.
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