Medicure Inc (MCU) announced early Friday that it had initiated enrollment for its phase III clinical trial MEND-CABG 2.
This study will attempt to evaluate the effects of MC-1 on cardiac cells following surgery. MC-1 has been shown in earlier research to exhibit cardioprotective effects, reducing cardiac events following coronary artery bypass [CABG] surgery. MC-1 received fast track status from the FDA back in 2005.
The study is being conducted in collaboration with the Duke Clinical Research Institute and Montreal Heart Institute.
Medicure is a tiny biotech company with a market valuation of just over $135 million. It holds $23 million in cash and $15 million in debt.
It would not be surprising to see Medicure becoming an acquisition target in the near future. The company would not cost the buyer too much, and Medicure could use the extra infusion of cash and reduction of debt.
Shares of Medicure were up more than 13% in pre-market action on Friday.
MCU 1-yr chart