(NYMX) Nymox Pharmaceutical Sees Pipeline Progress

Nymox Pharmaceutical Corporation (NYMX) recently announced that it has completed enrollment of benign prostatic hyperplasia (BPH) patients in a phase III study (NX02-0020) of NX-1207 in the US. The study enrolled patients who were a part of previously conducted NX-1207 studies. The efficacy results from the study are expected to be reported by the end of 2012.

A few days ago, the company had received a positive feedback from the Safety Monitoring Committee meeting which reported that there was no significant safety concerns associated with NX-1207.

The use of NX-1207 was found to be safer than currently approved BPH drugs which are associated with sexual or blood pressure related side effects. The injectable NX-1207 is easy to administer and does not require the use of any type of sedation measures or catheterization.

NX-1207 is in phase III development both in the US and the Europe. In Europe, the company has a licensing agreement with Recordati S.p.A. Recordati is sponsoring a recently initiated phase III study in Europe.

BPH is commonly diagnosed in middle aged and older men. According to the company, approximately 50% of middle aged men exhibit signs of prostatic hyperplasia.

We note that the BPH market is pretty crowded with players like Merck’s (MRK) Proscar (finasteride), GlaxoSmithKline’s (GSK) Avodart (dutasteride) and Jalyn (dutasteride + tamsulosin), Sanofi’s (SNY) Uroxatral (alfuzosin HCl) and Watson Pharmaceuticals’ (WPI) Rapaflo (silodosin) among others.

Recommendation

We currently have a Neutral recommendation on Nymox. The stock carries a Zacks #3 Rank (Hold rating) in the short run.

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