Citius Pharmaceuticals (NASDAQ:CTXR) slumped 25% after announcing disappointing news about Mino-Lok, its flagship candidate. However, in last month, the CTXR stock gained in anticipation of the expected interim analysts of the third phase study with Mino-Lok. Mino-Lok is an antibiotic lock solution the company is developing that could help salvage infected central line catheters.
In 2018 the company commenced a phase 3 study in 144 patients comparing Mino-Lok with other antibiotics. Investigators measured the time take before a catheter fails to establish is Mino-Lok had a superior effect. However, the interim analysis of third phase results didn’t yield evidence of superiority. Citius indicated that Mino-Lok didn’t achieve superiority relative to standard care, but it could be possible once the company completes the study as planned.
The company hasn’t completed the enrolment of 144 patients despite conducting the trial in over 25 hospitals across the US. In addition, Citius has been working slowly in the study. So, in the coming months, CTRX is a stock to keep an eye on.
Market Reaction:
On Thursday, CTXR stock slumped 25% to $2.60 with more than 37.99 million shares, compared to its average volume of 8.38 million shares. The stock has moved within a range of $ 2.5300 – 3.1900 after opening the trade at $2.89. Over the past 52-week, the stock has been trading within a range of $0.7800 – 4.5600.
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