Xenetic Biosciences (NASDAQ:XBIO) news for Wednesday includes positive news from a Phase 3 clinical trial boosting XBIO stock higher.
According to a news release from Xenetic Biosciences, the Phase 3 study comes from PJSC Pharmsynthez. This is one of the company’s partners that is using its PolyXen platform to test Epolong in anemia in patients with chronic kidney disease (CKD).
The results of this study show that Epolong is performing well in comparison to Aranespm the current leader in treating CKD. The study met both its primary and secondary endpoints of not being inferior to the leading drug.
It’s also worth noting that the Phase 3 clinical trial shows that 74% of patients taking Epolong reached the target hemoglobin range. For comparison, only 54% of patients taking Aranesp got to that range.
Another detail from the study shows that 34.7% of patients taking Aranesp exceeded the target hemoglobin threshold. Only 10% of patients that were taking Epolong went over that threshold level during the study.
Jeffrey Eisenberg, CEO of Xenetic Biosciences, said this about the news pushing XBIO stock higher today.
“The PolyXen platform continues to demonstrate broad utility and ability to modulate the pharmacokinetic and pharmacodynamic profiles of protein drugs. We are pleased with the positive results Pharmsynthez has reported and we look forward to the outcome of their registration filing in Russia for Epolong, which they expect to submit in 2021.”
The positive news from Xenetic Biosciences also resulted in heavy trading of XBIO stock. More than 114 million shares have changed hands as of this writing. That’s quite the jump from its daily average trading volume of roughly 264,000 shares.
XBIO stock was up 418.5% as of Wednesday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.