NexoBrid is a topical drug that is used to remove eschar, or dead tissue resulting from a burn.
The niche company specializes in developing therapeutics to treat conditions related to severe burns and chronic or slow-to-heal wounds.
“We are happy to achieve this important milestone of completing the enrollment in NexoBrid Phase 3 study, which is one of the most comprehensive randomized controlled studies ever conducted in burn care, and we believe it will support our Biological License Application (BLA) submission to the FDA,” said CEO Gal Cohen in a press release.
Oppenheimer analysts saw potential in the US market for the burn treatment and reiterated a Buy rating with a price target of US$14.
While the drug has gained traction in European burn centers, the process has been slow. Analysts are hopeful that the process in the US may go faster if the drug receives approval.
“Our bullish position on MDWD is based on our belief that the US Phase 3 trial (DETECT) is relatively de-risked, and that if approved, NexoBrid is well positioned to gain uptake by physicians/burn specialists for debridement of necrotic tissue,” the analysts wrote in a note.
The analysts believe the company has the funds to develop the drug in the US, citing its US$33mln in cash in the first quarter of 2018.
Top-line data from the study is expected by the end of 2018.
Shares of the biopharma were up more than 3% to US$6.85 in Tuesday afternoon trading.