A long way off but nice to hear all the same..
RegeneRx jumps on positive preclinical study data
By: The Associated Press | 29 Sep 2009 | 02:29 PM ET Text Size
NEW YORK - Shares of RegeneRx Biopharmaceuticals Inc. surged to a new year high Tuesday after the company reported positive data from a preclinical study of its prospective multiple sclerosis treatment RGN-352.
RegeneRx said the drug improved the recovery of nerve function when it was tested on animals.
In afternoon trading, shares of the Bethesda, Md.-based company jumped 32 cents, or 39 percent, to $1.14. Earlier they traded as high as $1.95, eclipsing a previous 52-week high of $1.82 set in January.
RGN-352 is an injectable form of a peptide that slows inflammation, promotes cell differentiation and blood vessel growth, and encourages collagen depositing. The company said it is working to develop drugs that speed up tissue and organ repair.
RegeneRx recently finished an early stage human trial of RGN-352 as a treatment for patients who had suffered a heart attack. It is conducting animal studies of the drug as a treatment for ailments including stroke, ischemic kidney disease, and Crohn's disease.
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