MORRISVILLE –Tenax Therameputics is acquiring an Illinois-based biotech firm with a promising hypertension treatment and named that company’s cofounder as its chief medical officer.
Tenax (Nasdaq: TENX) shares soared 38% to $2.45 shortly after the announced deal for PH Precision Med (PHPM) and the appointment of Stuart Rich, MD, as its CMO early Tuesday.
Tenax is paying some 12 million shares of stock to PHPM shareholders.
PHPM is focused on a potential treatment of pulmonary arterial hypertension, and its lead candidate has received Orphan Drug Designation from the FDA. The drug – a “Pase 3 [clinical trial] candidate” – has the “potential to be the first disease modifying treatment of pulmonary arterial hypertension,” Tenax explained.