AzurRx Biopharma Inc [NASDAQ:AZRX] has been trading on a bullish channel since May. For the last few days, the stock has gained upside momentum and is currently up by 10%. The stock’s current momentum is driven by increased positive momentum in the market and the fact that AZRX stock has lots of positive news surrounding it at the moment. Some of the key factors that are driving its momentum are as below:
- A clinical trial of Cystic Fibrosis
Today AzurRX has announced that it is initiating a Phase 2b clinical trial for MS1819 in the treatment of Cystic Fibrosis in patients who also have exocrine pancreatic insufficiency. The company has also announced that top-line data from the study is expected in Q1 of 2021. The company also announced that the study aims to understand the efficacy, safety, and tolerability of MS1819. It also added that its primary endpoint for efficacy is to check for the CFA (coefficient of fat absorption). CEO Steve Boas stated that they believe the clinical protocol offers the right safety environment for those involved. The positive sentiments from the company’s management and the fact that the treatment is now in phase 2 have given renewed confidence in the stock. This could sustain until the company releases topline data on the treatment in early 2021.
- The company is well-capitalized
When it comes to biopharma stocks, how capitalized a company is matters for the financing of crucial treatment projects. On this front, the company is doing quite well. It recently raised $15.2 million in a private placement and $6.9 million in a convertible note exchange. AZRX stated that it would use the money on developing its cystic fibrosis therapies for its clinical trials. Commenting on the two capitalization deals, the CEO stated that they would use the money to fund phase 2 and 3 trials of its projects. With such funding, the company is guaranteed to see the MS1819 project to its conclusive ending. This will play a role in sustaining confidence in this stock going into the foreseeable future, as the market expects a breakthrough on this front.
- Strategic partnerships
Strategic partnerships play into the long-term value growth of an organization. Back in May, the company stated that it had entered into a labeling and packaging agreement with Creapharm clinical supplies. The deal was for the labeling and distribution of MS1819 therapy for treating exocrine pancreatic insufficiency. Commenting on the deal, Creapharm CEO stated that they were happy to be supporting AzurRx in its clinical trials. The support that MS1819 has received through these partnerships has seen investor confidence in its rise over the last months.
About AzurRX Biopharma Inc
AzurRx Biopharma Inc is a biopharma that develops treatments for gastrointestinal ailments. It is based in Brooklyn, New York.