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Wednesday, March 22, 2023

Salarius Pharmaceuticals, Inc. (SLRX) Stock Declining Despite No Negative News

Salarius Pharmaceuticals, Inc. (SLRX), a clinical-stage biotechnology company, has plunged 7.77% in the premarket trading session. As a result, SLRX stock is trading at $0.45 at the time of the writing. The slide has come despite a positive development for the company in the form of expansion in the oncology pipeline. On Thursday, the stock closed the day at $0.49 after slightly declining by 0.93% during regular trading hours.

SLRX Agreement With DeuteRx,

On Thursday, SLRX entered into a definitive agreement with DeuteRx, LLC. The agreement was meant for the acquisition of an oral, small molecule targeted protein degradation portfolio. The acquisition includes a lead drug candidate that the company has renamed SP-3164 (and was formerly called DRX-164) as well as the related patent family. David Arthur, Chief Executive of the company expressed his pleasure over the development and said that the strategic acquisition is a transformative event for the company.

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Presentation at H.C. Wainwright BioConnect

On the 6th of January, SLRX announced that its top management would present at the H.C. Wainwright BioConnect. Alongside that, the company would also participate in the Biotech Showcase and BIO Partnering @ JPM. All of these events were to be held in virtual mode and were scheduled to take place alongside the J.P. Morgan 40th Annual Healthcare Conference, from 10th to 13th January 2022.

Achievement of Dosing Milestone

On 29th December, SLRX announced to have achieved an important dosing milestone in the Phase 1/2 Sarcoma clinical trial. The trial was meant for the evaluation of seclidemstat as a treatment for Ewing sarcoma and other FET-rearranged sarcomas. The Ewing sarcoma patient arm of the trial advanced to the second lead-in safety cohort treating patients with seclidemstat at 900 mg BID in combination with topotecan and cyclophosphamide. Seclidemstat is a novel, oral, reversible inhibitor of the lysine-specific histone demethylase 1 enzyme (LSD1). It plays a key role in the development and progression of certain cancers.

Future Outlook for SLRX

During the last three months, SLRX has declined more than 45%, the primary reason being the uncertainty associated with the products of the company. Looking ahead, however, the analyst believes that the stock has the tendency to attract investors for long-term investments.

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