In recent years there has been a lot of interest in biotech stocks and for good reason too, considering the sort of work that many companies in the sector have been doing. On the other hand, there are some biotech companies that may be a bit under the radar and it could be a good move to consider taking a closer look into those.
One of those is the XORTX Therapeutics Inc (NASDAQ:XRTX) stock. It is a clinical-stage biotech firm and is involved in the development of innovative therapies that are meant for treating progressive kidney disease.
This morning the company is in the news after it announced that it has been notified by the United States Food and Drug Administration that the recent Investigate New Drug application that it had filed had been cleared. That was a significant development for the company and could bring the stock into focus among investors this morning.
Shares of XRTX went up as much as 18.75% in the morning session on unusual volume.
The approval in question had been awarded for the company’s product XRX-OXY-101. In this context, it is also necessary to add that the letter was also accompanied by a “Study May Proceed Letter” in relation to the XRX-OXY-101 bridging pharmacokinetics study that the company had been working on.
The letter that was received by the company is an important development for another reason. It actually supports the XRx-008 program that XORTX is currently working on with regard to progressive kidney disease treatment. It should be noted that the progressive kidney disease brought about by autosomal dominant polycystic kidney disease (“ADPKD”) is the subject of the study.
More than 10 million people all over the world suffer from ADPKD and the latest development in this respect could in fact come as a welcome boost for XORTX. It may be a good move to keep the stock on your radars this morning.
