Hot Pharma stock to watch: ChemoCentryx Inc (NASDAQ: CCXI)

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ChemoCentryx Inc (NASDAQ: CCXI), is responsible for the discovery and development of avacopan and owns and retains the commercial rights to the drug in the United States, stock generated YTD return of about 210% (Source: Finviz.com; as of December 16th, 2019). The company and Vifor Fresenius Medical Care Renal Pharma (VFMCRP) had recently announced the positive topline data from the pivotal Phase III ADVOCATE trial of avacopan, which is an orally-administered selective complement 5a receptor inhibitor, for the treatment of patients with anti-neutrophil cytoplasmic antibody-associated vasculitis (ANCA-associated vasculitis or ANCA vasculitis). The global study, in which a total of 331 patients with acute ANCA vasculitis were enrolled, had met both of its primary endpoints, disease remission at 26 weeks and sustained remission at 52 weeks, as was assessed by the Birmingham Vasculitis Activity Score, or BVAS. The two primary endpoints were tested sequentially using a gatekeeping procedure to preserve the Type I error.

Moreover, there was significant reduction in glucocorticoid-related toxicity and significant improvement in kidney function in patients with renal disease. In the Glucocorticoid Toxicity Index (GTI version 2), the avacopan therapy arm versus the glucocorticoid SOC control group was substantially improved. Other measures of glucocorticoid-related adverse event assessments also showed statistically significantly fewer events in the avacopan therapy arm versus the glucocorticoid SOC control group.

Further, the company has been awarded a two-year $1 million grant from the orphan drug office of the FDA to underpin the advancement in the Company’s ACCOLADE Phase II clinical trial of avacopan in patients with the rare kidney disease C3 Glomerulopathy, which is a disease with no effective approved treatment. CCXI is approaching 60 percent enrollment in the ACCOLADE trial.

On the other hand, the company has reported the revenue of $10.6 million for the third quarter of 2019, compared to $9 million for the same period in 2018. The company has delivered the net loss for the third quarter of 2019 was $12.9 million, compared to $10.9 million for the same period in 2018. The company has generated the cash, cash equivalents and investments of $205.8 million at September 30, 2019. The Company expects to close 2019 with cash and investments in excess of $185 million. The company’s research and development expenses were $18.1 million for the third quarter of 2019, compared to $15.1 million for the same period in 2018.

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