Tenax Therapeutics Inc (NASDAQ:TENX) a specialty pharmaceutical firm reported results for 3Q2016 on November 10, 2016. It even reported successful closure of patient registration for its Phase III LEVO-CTS study on November 18, 2016. The firm continues to dramatically upsurge patient enrollment trends and management anticipates this vital clinical assay to turn into a considerable commercial opportunity in the future.
Tenax continues to be in product advancement phase with no revenues. Hence, it posted a net loss of $4.3 million for third quarter 2016, against a net loss of $2.9 million, during the same quarter in the previous year. The EPS surpassed consensus projections by $0.02. From a commercial flexibility perspective, it posted adequate liquidity with a cash balance of around $25 million, comprising value of its marketable securities, as on September 30, 2016.
The stock performance of the firm has been extremely volatile in the recent past. TENX price has fluctuated in a range of $2.4 to $1.3 in the quarter closed December 2016. Notwithstanding latest muted performance, the firm’s business profile is anticipated to benefit from the positive development in its underway clinical studies.
Tenax is a specialty pharmaceutical company that focuses its measures on identifying, developing and commercializing offerings for critical care market. It has North American rights to advance and commercialize levosimendan. The U.S. FDA has permitted Fast Track designation for levosimendan for the lessening of death and sickness in people with cardiac surgery and at risk for getting LCOS.
Some key factors that might govern future shares price performance comprise Tenax’s complete timely reporting of full and top-line report from the LEVO-CTS study in January 2017 and second half of 2017, respectively. Market would also look for timely closure of its future development objectives without any significant time and cost attacks to meet expected filing of its NDA in this year along with commercial plan if the data comes positive.