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Nymox Pharmaceutical Corporation recently announced that it has completed enrollment of benign prostatic hyperplasia (BPH) patients in a phase III study (NX02-0020) of NX-1207 in the US. The study enrolled patients who were a part of previously conducted NX-1207 studies. The efficacy results from the study are expected to be reported by the end of 2012.

A few days ago, the company had received a positive feedback from the Safety Monitoring Committee meeting which reported that there was no significant safety concerns associated with NX-1207.

The use of NX-1207 was found to be safer than currently approved BPH drugs which are associated with sexual or blood pressure related side effects. The injectable NX-1207 is easy to administer and does not require the use of any type of sedation measures or catheterization.

NX-1207 is in phase III development both in the US and the Europe. In Europe, the company has a licensing agreement with Recordati S.p.A. Recordati is sponsoring a recently initiated phase III study in Europe.

BPH is commonly diagnosed in middle aged and older men. According to the company, approximately 50% of middle aged men exhibit signs of prostatic hyperplasia.

We note that the BPH market is pretty crowded with players like Merck’s (MRK - Analyst Report) Proscar (finasteride), GlaxoSmithKline’s (GSK - Analyst Report) Avodart (dutasteride) and Jalyn (dutasteride + tamsulosin), Sanofi’s (SNY - Analyst Report) Uroxatral (alfuzosin HCl) and Watson Pharmaceuticals’ Rapaflo (silodosin) among others.

Recommendation

We currently have a Neutral recommendation on Nymox. The stock carries a Zacks #3 Rank (Hold rating) in the short run.

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