Tenax Therapeutics Slumps 8%

Tenax Therapeutics (TENX) shares were slumping Wednesday after the company said it expects to report top-line results from a phase 3 trial with its drug candidate levosimendan for heart surgery toward the end of this year based on the recent pace of enrollment.

It has enrolled 833 patients in the phase 3 LEVO-CTS trial in cardiac surgery patients, it said on Wednesday. It plans to complete the study at an estimated 880 patients in total and anticipates reaching that total around the end of October based on current enrollment trends.

Full results from the study are expected to be presented at a medical conference during H1. If positive, Tenax said it would anticipate submitting a new drug application to the US Food and Drug Administration during 2017.