VICTORIA, BC - Eupraxia Pharmaceuticals Inc. (TSX: EPRX); (NASDAQ: EPRX), a clinical-stage biotech company, has announced the commencement of trading of its common shares on the Nasdaq Capital Market under the ticker symbol "EPRX" today. The company's shares will continue to be available on the Toronto Stock Exchange, also under the "EPRX" ticker.
Eupraxia specializes in developing extended-release products designed to address therapeutic areas with significant unmet medical needs. Utilizing its proprietary Diffusphere™ technology, the company aims to deliver targeted, long-lasting activity with reduced side effects. The technology can be adapted for various active pharmaceutical ingredients and delivery methods.
The company has recently completed a Phase 2b clinical trial named SPRINGBOARD for its leading product candidate, EP-104IAR, intended for the treatment of osteoarthritis knee pain. The trial successfully met its primary endpoint and three of the four secondary endpoints. Eupraxia has also initiated the Phase 1b/2a RESOLVE trial, which is focused on treating eosinophilic esophagitis, further expanding the EP-104 platform into gastrointestinal diseases.
Additionally, Eupraxia is developing a pipeline of both later and earlier-stage long-acting formulations. The potential pipeline includes candidates aimed at other inflammatory joint conditions and oncology, each designed to enhance the activity and tolerability of currently approved drugs.
The information for this article is based on a press release statement from Eupraxia Pharmaceuticals Inc.
InvestingPro Insights
As Eupraxia Pharmaceuticals Inc. (NASDAQ: EPRX) makes its debut on the Nasdaq Capital Market, investors are closely monitoring the company's financial health and stock performance. According to InvestingPro data, Eupraxia has a market capitalization of 107.89 million USD, which is reflective of the company's current valuation in the market. However, the company's P/E ratio stands at -3.82 when adjusted for the last twelve months as of Q4 2023, indicating that the company is not currently profitable. Moreover, the stock has been trading near its 52-week low, with a Price / Book multiple of 48.68, which could be seen as quite high relative to the company's book value.
InvestingPro Tips for Eupraxia Pharmaceuticals highlight some of the challenges the company faces. It has been noted that Eupraxia is quickly burning through cash and suffers from weak gross profit margins. Additionally, analysts do not anticipate the company will be profitable this year, which is a key consideration for investors. On a positive note, the company operates with a moderate level of debt, which could provide some flexibility in managing its financial obligations.
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