Axogen (AXGN) Rallies On Positive Phase 3 Data
Axogen shares jumped 18% upon announcing that their Phase 3 study comparing Avance to conduits in digital nerve injuries met its primary endpoint for the return of sensory function. Axogen noted that the results mark a critical milestone toward transitioning Avance to a licensed biologic and supporting adoption of the product.
“We are thrilled that the RECON study has met its primary endpoint. This is a critical milestone towards transitioning Avance Nerve Graft to a licensed biologic and further supports the expanded adoption of Avance,” said Karen Zaderej, chairman, CEO, and president of Axogen, Inc. “This study will provide Level 1 clinical evidence important to surgeons choosing among treatment options for patients with peripheral nerve injuries. I want to thank all of the participating subjects, clinical sites, investigators, and our Axogen employees who have contributed to this landmark study.”
Axogen is located in the PRISM Medical Devices Index, which was down 4.2% for the day.
Axogen (AXGN) is the leading company focused specifically on the science, development, and commercialization of technologies for peripheral nerve regeneration and repair. Axogen employees are passionate about helping to restore peripheral nerve function and quality of life to patients with physical damage or transection to peripheral nerves by providing innovative, clinically proven, and economically effective repair solutions for surgeons and health care providers. Peripheral nerves provide the pathways for both motor and sensory signals throughout the body. Every day, people suffer traumatic injuries or undergo surgical procedures that impact the function of their peripheral nerves. Physical damage to a peripheral nerve, or the inability to properly reconnect peripheral nerves, can result in the loss of muscle or organ function, the loss of sensory feeling, or the initiation of pain.