Neuropathix Inc (OTCQB: NPTX) closed at $0.0643 on Tuesday, up 11.83 percent in a day’s trading range of $0.1124 to $0.0500. During the last month, NPTX stock surged over 59.95%; the average volume for the month was over 84.09K shares. Considering the stock’s performance over the last three months, NPTX fell -46.42% while the average volume for the stock stood at 67.45K shares. NPTX stock has fallen by -92.26% in the last 12 months, reaching a high of $0.8050 with a $5.68M market cap. NPTX stock jumped after its subsidiary received a multi-million dollar award.
How did NPTX subsidiary win the award?
The goal of Neuropathix is to develop next-generation, socially responsible pain management and neuroprotective therapeutics to treat patients with significant unmet medical needs. The NPTX Company has developed, discovered, and patented a global intellectual property estate led by its lead clinical target, KLS-13019, which is a novel, new therapeutic agent designed to reduce inflammation, protect neurons from neuropathic pain, and prevent or reverse neuropathy. Monotherapeutic molecules from NPTX are mainly used for treating oxidative stress-related diseases, chronic pain management, and neurodegenerative disorders.
Yesterday, Neuropathix’s wholly owned subsidiary, Kannalife Sciences, Inc., was granted a Phase 2 STTR Study Grant at a cost of $2.97 million by the National Institute of Neurological Disorders and Stroke (NINDS).
- NIH’s Helping End Addiction Long-Term Initiative (HEAL) funded the three-year STTR Study Grant. Specifically, it will provide funding to develop KLS-13019 for treating Neuropathic Pain, a pain condition caused by malfunction and disuse of the body’s nervous system.
- According to the Notice of Award, the funding allocation for the first and second years respectively is $977,054 and $991,944, and for year three it is $1,001,774.
- NINDS (National Institute of Neurologic Disorders and Stroke) of the National Institutes of Health (NIH) supported the studies reported in this publication through award number R42NS120548.
- Additionally, opioid addiction, abuse, and misuse have become an epidemic in the United States and worldwide.
- According to the 2015 statistics, opioid misusers who obtained opioids from prescribed patients accounted for 54% of all opioid abuse lawsuits.
- In addition, chronic and neuropathic pain are frequently treated with opioids and gabapentinoids off-label because there is a medical need and no FDA-approved non-opioid drugs to treat them and specifically cancer-induced peripheral neuropathy (CIPN).
NPTX’s leading clinical target:
Using KLS-13019, Neuropathix (NPTX) may be able to treat a range of chronic pain disorders associated with neurodegenerative disease, beginning with chemotherapy-induced peripheral neuropathy (CIPN). An animal study demonstrated that KLS-13019 prevents and reverses neuropathic pain, even in the absence of opioids. No healthcare authority worldwide has reviewed or approved a drug for patient use, including the FDA, for NPTX’s KLS-13019. FDA-approved clinical trials have not confirmed its safety and effectiveness.