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Nymox Pharmaceutical Corporation (NYMX) Stock Plunged 30.95% Today, Here’s Why

Nymox Pharmaceutical Corporation (NYMX) stock plummeted 30.95% in the current-market trading session at the price of $1.31 following a registered direct offering of $5 million.

NYMX specializes in the research, development, and distribution of diagnostics and therapeutics. The company has focused on products that address the unmet medical needs of aging male residents in developed countries.

NYMX Announced $5M Direct Offering

On 18th March 2022, NYMX reported signing a deal with institutional investors to sell and purchase 3.03 million common shares. The offered shares have a purchase price of US$1.65 per share. The offered warrants are exercisable instantly at US$2.00 per share and expire five years following the issuance.

The direct offering has expected to provide gross proceeds of roughly US$5M before subtracting agent fees and other expenses. NYMX plans to utilize the proceeds for its working capital and other corporate purposes. The offering will close on 22nd March 2022 and is subject to customary closing conditions.

NYMX Submitted NDA for Fexapotide Triflutate

On 3rd March 2022, NYMX announced submitting NDA to the Food and Drug Administration. The submission seeks marketing approval for Fexapotide Triflutate in the United States to treat males with benign prostatic hyperplasia.

The submitted application does not involve any forward-looking statements concerning the results. Nymox will keep updating about the required material and developments of the application. The company plans to submit applications in other key markets as well.

NYMX Provided Shareholder Updates

Earlier on 13th December 2021, NYMX announced completing the mandated tasks for its forthcoming NDA submission for Fexapotide Triflutate to treat BPH.

CEO of NYMX, Paul Averback, commented that they are extremely satisfied to leave behind all the external factors causing moderate delays during the past year. Given the usual delays, they expect to send the first application soon. Nymox will keep informing stakeholders about the material and developments of the application.

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