Biotechnology company, BioMimetic Therapeutics, Inc. ( ) recently announced that it has started enrolling patients for a phase II trial of its candidate, Augment Chronic Tendinopathy (ACT) for the treatment of lateral epicondylitis (tennis elbow). ACT is based on recombinant human platelet-derived growth factor. The company expects to complete the enrollment process by the end of this year.

The company intends to enroll up to 100 patients in this randomized, escalating dose, double-blinded, placebo controlled and multi-center phase II trial. The trial will evaluate the safety and efficacy profile of ACT ascending doses. In the trial patients, aged between 21 and 80 years will receive one injection of either placebo or any of the four different doses of ACT into the extensor carpi radialis brevis (ECRB).

The efficacy of the candidate will be measured on the basis of visual analog scale (VAS), disabilities of the arm, shoulder and hand (DASH) score and the patient rated tennis elbow evaluation (PRTEE) and grip strength testing.

In November 2012, BioMimetic entered into an agreement with Wright Medical Group, Inc. to combine both the businesses. We believe that the BioMimetic’s biologics pipeline will complement Wright’s product portfolio. The deal is expected to close in the first quarter of 2013, subject to approval by BioMimetic shareholders.

We currently have a Neutral recommendation on Biomimetic Therapeutics Inc. The stock carries a Zacks #1 Rank (Strong Buy) in the short run.

Other Zacks #1 Rank stocks include Amgen Inc. ( AMGN - Analyst Report ) , Repligen Corporation ( RGEN ) and Targacept Inc. ( TRGT - Snapshot Report ) .