Thanks, FDA: NephroGenex (NRX) Investors Rejoice After New Clearance

NephroGenex

, the pharma company focused on the development of therapeutics to treat kidney disease, stock is soaring by 67.28 percent to $2.41 on Monday after the company announced FDA clearance of IND Application for clinical study of Intravenous Pyridorin in the treatment of acute kidney injury (AKI). Within the first hour of trading, NRX shares changed hands at $2.30, up 86 cents from last Friday's close. Acute kidney injury is considered a serious medical condition. It is characterized by a sudden loss of kidney function. As many as 18 percent of hospital inpatients are affected by the disease and it is responsible for nearly 2 million deaths annually worldwide. Recently, a completed preclinical toxicity study of intravenous Pyridorin did not show signs of toxicity or intolerance to the drug. "The clearance of our IND application for I.V. Pyridorin represents a significant milestone for our AKI program," said Dr. Jaikrishna Patel, Chief Medical Officer. "We look forward to further investigating intravenous Pyridorin, which we believe has the potential to be an important treatment option for patients suffering from hospital-acquired AKI," said Dr. Patel. NephroGenex is a clinical-stage pharmaceutical company that focuses on developing therapeutics to treat kidney diseases. The company's clinical program has been implemented and designed with the world's leading clinical investigators in kidney disease. NephroGenex 's product pipeline includes an oral formulation of Pyridorin, which is currently under development as a chronic, therapeutic agent to slow the progression of diabetic nephropathy, as well as an intravenous formulation of Pyridorin to treat AKI.