After the anticipated pullback yesterday, traders are looking for another run up by Adventrx Pharmaceuticals Inc. (Amex:ANX).
Within days, the company is expected to submit its New Drug Application for ANX-530, which is a novel emulsion formulation of GlaxoSmithKline's (NYSE: GSK) chemotherapy drug Navelbine (also known as vinorelbine tartrate).Navelbine, is approved by the FDA to treat advanced non-small cell lung cancer, and approved in Europe to treat non-small cell lung cancer and advanced or metastatic breast cancer. It sells in excess of $200 million a year world-wide. Adventrx' ANX-530 will attempt to compete for the same indications as Navelbine.
The ANX-530 formulation emulsifies vinorelbine into a homogeneous suspension of nanoparticles that may reduce exposure of the venous endothelium during administration of the drug.
Adventrx has yet another late-stage product candidate ANX-514 (docetaxel emulsion for injection), a reformulation of the blockbuster chemo agent, Taxotere.
Shares have been rising steadily during the last 2 weeks in anticipation of that news.
Disclosure: Long ANX
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