Stock Alert: Xenetic Biosciences Soars

(RTTNews) - Shares of biopharmaceutical company Xenetic Biosciences, Inc. (XBIO) are surging more than 275% Wednesday morning following positive data reported by its partner PJSC Pharmsynthez from the late stage study of Epolong, that uses Xenetic's PolyXen platform technology.

PJSC Pharmsynthez has reported positive data from the phase III study of Epolong, that utilizes the Xenetic's proprietary drug delivery platform, PolyXen. Epolong is proposed for the treatment for anemia in patients with chronic kidney disease (CKD).

The results of the study indicated that Epolong was non-inferior to Amgen's Aranesp with respect to primary and secondary endpoints. Furthermore, the proportion of patients who achieved the target hemoglobin range (10.0-12.0 g/dL inclusive) during the evaluation period was 74% in the Epolong group versus 52% in the Aranesp group.

"We are pleased with the positive results Pharmsynthez has reported and we look forward to the outcome of their registration filing in Russia for Epolong, which they expect to submit in 2021," commented Jeffrey Eisenberg, Chief Executive Officer of Xenetic.

XBIO, currently at $4.06, hit 52-week high of $5.45 this morning.