Why Inozyme Pharma (INZY) Shares Are Trading Higher Today

Inozyme Pharma Inc INZY announced topline pharmacokinetic (PK), pharmacodynamic (PD), and safety data from the ongoing Phase 1/2 trials of INZ-701 in ENPP1 Deficiency and ABCC6 Deficiency (PXE).
Rapid, significant, and sustained increase in plasma pyrophosphate (PPi) was observed, and an encouraging patient-reported outcome data in all dose cohorts in the ENPP1 Deficiency trial.
Also Read: Inozyme Pharma Post Encouraging Early Data From Genetic Disorder Trial.
PPi plays a significant role in inhibiting dystrophic calcification.
Rapid and significant increase in PPi was observed in all dose cohorts, with a sustained increase observed in the highest dose cohort in the PXE trial.
INZ-701 was generally well-tolerated and exhibited a favorable safety profile in both trials.
Inozyme Pharma expects to report cash, cash equivalents, and short-term investments of approximately $127.9 million as of December 31, 2022.
The company anticipates that its cash balance, together with the additional $20 million borrowed on February 15, 2023, under its existing debt facility, will enable it to fund cash flow requirements into the fourth quarter of 2024, representing an increase of two quarters over its previous guidance.
Price Action: INZY shares are up 26.6% at $2.81 during the premarket session on the last check Thursday.