Why Are XORTX Therapeutics Shares Skyrocketing Today?

XORTX Therapeutics Inc XRTX has announced topline results from Part 1 of the three-part Pharmacokinetics Bridging Study – XRX-OXY-101.
The data showed a substantial increase in oral bioavailability of two versions of XORTX's proprietary oxypurinol formulation compared to a control formulation.
In addition, accompanying the improved bioavailability findings in Part 1 of the trial was a clean safety and pharmacologic profile with no drug-related adverse or serious adverse events related to oral administration of oxypurinol.
Recruitment, administration of a single oral dose of drug formulation, blood sampling, and bioanalytical evaluation were conducted in Part 1 of the trial to characterize the pharmacokinetics and bioavailability of proprietary formulations ahead of the planned Phase 3 trial in autosomal dominant polycystic kidney disease (ADPKD).
"Pharmacokinetic modeling of this data will provide additional information to guide decision making as we plan and execute the development of the XRx-008 program..," said Allen Davidoff, CEO of XORTX.
The company plans to start dosing in Part 2 of the XRX-OXY-101 this week.
Price Action: XRTX shares are up 84.55% at $2.27 during the premarket session on the last check Wednesday.