XORTX Therapeutics Inc. (NASDAQ:XRTX) shares climbed 22.16% to $2.26 in after-hours trading on Thursday after the company outlined its planned Clinical Trial Application for its gout drug candidate.
XORTX Stock Rises as Gout Drug Heads Toward Health Canada Filing
The Canadian late-stage clinical pharmaceutical company said it is preparing a Clinical Trial Application (CTA) with Health Canada for its XRx-026 gout program. The filing supports a two-part study, XRX-OXY-102, of XORLO, its proprietary oxypurinol formulation.
Canadian Trial Could Accelerate FDA New Drug Application
The company said running the first part in Canada is expected to speed delivery of key clinical data. That data would support a planned New Drug Application (NDA) with the Food and Drug Administration.
Co-CEO Dr. Allen Davidoff said, "Advancing our Clinical Trial Application with Health Canada is expected to enable more efficient clinical plan execution."
Commercialization Partner Interest Grows
XORTX said it has received more inquiries from potential commercialization partners.
It has not entered into any agreement, and there is no assurance the discussions will lead to a transaction.
Trading Metrics, Technical Analysis
XORTX Therapeutics has a market capitalization of approximately $3.35 million. Its stock has traded between a 52-week high of $7.05 and a 52-week low of $1.59.
XRTX has a Relative Strength Index (RSI) of 49.06.
Over the past 12 months, the small-cap biotech stock has fallen 59.16%.
Price Action: In the regular session, XRTX stock closed at $1.85, up 6.02%, according to Benzinga Pro data.
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