NEW YORK (TheStreet) -- NephroGenex (NRX) stock is surging by 67.28% to $2.41 on heavy trading volume on Monday, after the FDA approved the start of clinical trials for the company's acute kidney injury treatment.
Acute kidney injury, which is characterized by the loss of kidney function, can affect up to 18% of hospital inpatients, according to the Raleigh, NC-based pharmaceutical company. About 2 million people worldwide die from the condition each year.
NephroGenex's proposed treatment for acute kidney injury is called Pyridorin.
"The clearance of our IND application for I.V. Pyridorin represents a significant milestone for our acute kidney injury program," NephroGenex Chief Medical Officer Jaikrishna Patel said in a statement on Monday. "We look forward to further investigating intravenous Pyridorin, which we believe has the potential to be an important treatment option for patients suffering from hospital-acquired acute kidney injury."
So far today, 3.63 million shares of NephroGenex have traded, versus its 30-day average of about 97,000 shares.