Tonix Pharmaceuticals stock halted ahead of FDA approval news
IRVINE, Calif. - Eledon Pharmaceuticals, Inc. (NASDAQ:ELDN), a biotechnology company with a market capitalization of $284.54 million and a remarkable 170% stock return over the past year according to InvestingPro, has announced the successful use of its investigational drug, tegoprubart, in a pioneering kidney transplant from a genetically modified pig to a human patient, performed on January 25, 2025. The procedure, which took place at Massachusetts General Hospital (MGH) in collaboration with eGenesis, marks another significant step in xenotransplantation, a field that seeks to address the critical global organ shortage. The company’s strong financial position, with more cash than debt on its balance sheet and a current ratio of 6.53, provides robust support for its innovative research programs.
The patient, who had been on dialysis for over two years, was discharged from the hospital post-transplant and is now living without dialysis. This event follows the Food and Drug Administration’s (FDA) approval in December 2024 for MGH to conduct such transplants, with two more xenotransplants planned for later this year.
Tegoprubart, an anti-CD40L antibody, plays a crucial role in the immunosuppression regimen to prevent organ rejection. Its design to block CD40L has shown promise in inhibiting immune cell communication pathways, potentially improving the safety and efficacy of transplant acceptance.
Dr. David-Alexandre C. Gros, CEO of Eledon, expressed gratitude for the collaboration with MGH and eGenesis, emphasizing the importance of novel immunosuppression strategies. Dr. Leonardo Riella, Medical (TASE:PMCN) Director for Kidney Transplantation at MGH, also acknowledged the need for advancements in immunosuppressive medications to improve transplant patients’ quality of life.
Tegoprubart has been part of other groundbreaking transplants, including the second-ever pig-to-human heart transplant at the University of Maryland Medical Center in September 2023. It is currently under evaluation in three global clinical studies for kidney transplant rejection prevention and an investigator-sponsored trial for type 1 diabetes islet transplant rejection.
Eledon Pharmaceuticals plans to report updated interim clinical trial results from its ongoing Phase 1b and long-term safety and efficacy extension studies in kidney transplant this summer, with topline results from its Phase 2 BESTOW kidney transplant trial expected in the fourth quarter of 2025. With analyst price targets ranging from $8 to $16 per share and the next earnings report due on March 27, 2025, InvestingPro subscribers can access additional insights and 5 more ProTips to evaluate the company’s potential.
This news is based on a press release statement from Eledon Pharmaceuticals.
In other recent news, Eledon Pharmaceuticals has made significant changes to its CEO’s bonus structure. The revised structure, linked to the company’s market value, offers a potential increase in the maximum bonus amount, reflecting more ambitious targets for the company’s market valuation. The minimum bonus payout remains at $6 million at a $600 million valuation, rising to a new cap of $15 million at a market value of $1.5 billion. This adjustment is part of Eledon Pharmaceuticals’ strategy to align executive compensation with performance and growth objectives.
In other developments, Eledon Pharmaceuticals has made noteworthy progress in its clinical trials. The company completed the enrollment for its BESTOW Phase 2 study in patients with kidney transplants four months ahead of schedule. Promising initial data from an investigator-initiated study examining the use of tegoprubart in an immunosuppression regimen following pancreatic islet beta cell transplantation has also been reported.
H.C. Wainwright has reaffirmed its Buy rating for Eledon Pharmaceuticals, citing the company’s clinical progress and financial developments. The firm anticipates that the company’s news flow will continue to provide high-value positive catalysts into 2025. These recent developments underscore Eledon Pharmaceuticals’ commitment to driving value for its shareholders and advancing its research and development efforts.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.