By a News Reporter-Staff News Editor at Clinical Trials Week -- NephroGenex, Inc. (Nasdaq:NRX), a pharmaceutical company focused on the development of therapeutics to treat kidney disease, reported financial results for the quarter ended March 31, 2014 (see also NephroGenex).
"NephroGenex made significant progress in the first quarter. We brought onboard the capabilities of the industry leading Collaborative Study Group and Medpace, and began laying the groundwork for the second quarter launch of our Phase 3 PIONEER program," said Chief Executive Officer Pierre Legault. "With our Special Protocol Assessment and Fast Track Designation from the FDA, along with these collaborations and successfully completed IPO, the Company is well positioned to advance this important Phase 3 program. Over 6 million diabetics in the U.S. suffer from kidney disease and very few therapeutic options are available." Key Q1 2014 Business Highlights: Completed Initial Public Offering of 3,100,000 shares at $12 per share for gross proceeds of $37.2 million. Net proceeds were approximately $33.4 million after underwriter discounts, commissions and offering expenses. Established CRO partnerships and began preparations for launching the Pyridorin Phase 3 trial with the Collaborative Study Group (CSG), a leading nephrology academic research organization, and Medpace, a contract research organization with expertise in nephrology. Both organizations were instrumental in conducting the Company's previous Phase 2b study, through which it was able to identify a Phase 3 patient population (where PyridorinTM had a greater than 50% effect) and novel study endpoints accepted by the FDA under a Special Protocol Assessment.
Keywords for this news article include: NephroGenex, Investment and Finance, Clinical Trials and Studies.
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