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Canaccord Genuity initiated coverage on Eupraxia Pharmaceuticals (EPRX:CN) with a Speculative Buy rating and a price target of C$9.00 on Monday.
The pharmaceutical company shifted its focus from knee osteoarthritis to eosinophilic esophagitis (EoE) in May 2024, according to Canaccord Genuity. EoE is described as a chronic, immune-mediated condition of the esophagus with rising prevalence and limited treatment options.
Eupraxia’s lead candidate, EP-104GI, is an extended-release formulation of fluticasone propionate delivered via local esophageal injection. The company is using the same drug that was previously in its knee osteoarthritis program.
Data from the ongoing Phase 1b/2a trial suggests the product could offer "unprecedented durability and safety," potentially establishing it as a first-line treatment with annual dosing, according to Canaccord Genuity.
Management and directors of Eupraxia collectively own 18% of fully diluted shares of the company.
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