The Tenax Therapeutics Inc (NASDAQ: TENX) stock price soared 125.9% despite the company not making any new announcements. The sharp move was driven by renewed investor interest in the company, as evidenced by the number of shares traded.
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Over 8.67 million TENX shares had changed hands at the time of writing. The last significant news from Tenax Therapeutics was on 10 October 2022, when it presented positive data from a study of PH-HFpEF patients being treated with oral levosimendan.
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The data was presented at the Heart Failure Society of America (HFSA) Scientific Sessions 2022, held from October 1 –3, 2022. Furthermore, the company halted all clinical trials of its promising drug candidates due to a lack of funding.
Tenax Therapeutics hired Roth Capital Partners to help it evaluate strategic options for the company, given its low valuation. The firm is worth $5.01 million and is looking to raise funds to continue developing its lead drug candidates.
The company’s imatinib and levosimendan drug treatments are tailored to treat unmet needs in Group 1 and Group 2 pulmonary arterial hypertension (PAH) patients. The drugs have so far shown potential to treat the two groups of patients.
Imatinib has shown the ability to modify disease in Group1 PAH patients, and Tenax’s formulation may fix the delivery hurdles that it must surmount before the drug can be effective. Sales of drugs serving this group of patients in 2022 were $6.5 billion and are expected to keep growing.
On the other hand, Levosimendan has demonstrated the ability to reduce wedge pressure, increase patient physical performance and improve how patients feel for Group 2 PAH patients. If the FDA approves the drug for Group 2 PAH, levosimendan could potentially treat 2 million patients with the condition.
Both drugs could easily generate $1 billion in annual revenue, which makes Tenax Therapeutics an attractive acquisition target. Hopefully, the company will get a potential suitor soon to avoid going under as it struggles to raise funds.
*This is not investment advice.
The Tenax Therapeutics (TENX) stock price.
The Tenax Therapeutics (TENX) stock price soared 125.93% to trade at $0.2501, from Tuesday’s closing price of $0.1107.
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