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Nymox Pharmaceuticals Has A Long History Of Broken Promises And Baffling Delays That Will Likely Continue

White Diamond Research profile picture
White Diamond Research


  • Nymox Pharmaceuticals has existed for 31 years, without bringing any product or drug to market.
  • NYMX has made many broken promises, delays, and a withdrawal regarding applying for marketing approval in the US and EU.
  • A competitor met the same primary endpoint that NYMX failed to meet.
  • Management salaries are excessive, with the CEO receiving over $9M per year at the current share price.
  • We believe NYMX will crash in 2020 on an equity raise and continued lack of regulatory progress.

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Nymox Pharmaceutical Corp. (NYMX) is the longest running failure that we have ever seen. The company started in 1989, and as of today, 31 years later, has never created any marketable drug or product. The stock has rallied over 100% over the past six months, and there doesn't appear to be any news that caused it. Its market cap is currently above $250M. We believe this NYMX rally is a good opportunity to take a short position.

NYMX has one drug in the clinic called Fexapotide Triflutate ("FT" or NX-1207). In 2014, NX-1207 failed to hit the primary endpoint in both of its Phase III trials in benign prostatic hyperplasia (BPH). Since then, NYMX hasn't done any clinical work that would likely be of value to a regulatory body to get NX-1207 approved (i.e. another phase II or III trial). It has instead engaged in data mining, post hoc analyses, and long-term extension studies. The data generated from the extension studies likely won't be sufficient for approval for several reasons. Adam Feuerstein debunked Nymox's claims of FT's efficacy and potential in a 2016 Street.com article. Even though Nymox has since released some of the data from the trials, Feuersteins' main points still stand:

  1. The primary endpoint of the dual Phase III trials was a patient reported symptom score at 12 months. FT failed to show a difference vs placebo at 12 months but apparently showed a benefit after a mean follow-up of 3.6 years. This is a nonsensical result that defies logic.
  2. Data quality is likely poor and the FDA will question the study design: doubtful that a company like Nymox was able to conduct

This article was written by

White Diamond Research profile picture
We provide deep research and valuable information on small cap stocks to hedge funds and high net worth individuals. We specialize in the technology and healthcare sectors. We have an over 80% success rate, see our reports at whitediamondresearch.com. See the 3rd party verified return on each of our bearish reports over the last 24 months at: https://breakoutpoint.com/as-summary/white-diamond-gvmtg/To inquire about becoming a premium subscriber, send a PM here or email us at research@whitediamondresearch.com.Follow us on twitter @whiteresearch.

Analyst’s Disclosure: I am/we are short NYMX. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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Comments (27)

ccamire profile picture
Totally right about this company. As a financial analyst, i asked for more information on the company and science and the CEO never responded, This has been on my red red red list since 1999.
jojodancer profile picture
James Robinson can only prop this sucker up for so long. Agree @White Diamond Research , this will bleed until after dilution in Q2 and further regulatory delay in Q3. Double whammy coming. SHORT THIS PIG!!
07 Feb. 2020
This guy is an idiot. If the CEO is paying himself in stocks instead if cash, how is that bad? If it was going to be zero, why wouldnt he suck all cash instead of getting more stocks. These shorts are trying to sensationalize without understanding how urology and its experiments even work.
In talking to my urologist five of the eight people in the trial experienced good results. This is a hard trial to be successful with because the people getting the placebo are supposed to go without medication And suffer the consequences. Needless to say most of them are going to go back on to another medication therefore results are skewered
White Diamond Research profile picture
Exactly. That's a big reason why these long-term follow-up studies aren't going to hold water with regulatory bodies to approve the drug. The patients are going back to other medications which skew the results.
Deep.Blue profile picture
First of all, long term followup was prespecified as co primary endpoint. and then obviously the long term follow up captures which patients crossed over to other medications.

if you read the peer review (authored by many many leading urologists) you would know these simple trial protocol facts.

FT injection had no significant safety differences from placebo. LF IPSS change from baseline was higher in FT treated patients compared to placebo (median FT group improvement - 5.2 versus placebo - 3.0, p < 0.0001). LF incidence of AUR (1.08% p = 0.0058) and prostate cancer (PCa) (1.1% p = 0.0116) were both reduced in FT treated patients. LF incidence of intervention for BPH was reduced in the FT group versus oral BPH medications (8.08% versus 27.85% at 3 years, p < 0.0001). LF incidence of intervention or AUR in placebo CO group with FT versus placebo CO group with oral medications was reduced (6.07% versus 33.3% at 3 years, p < 0.0001). 28/28 secondary efficacy endpoints were reached in LF CO re-injection studies.

FT 2.5 mg is a safe and effective transrectal injectable for LT treatment of BPH. FT treated patients also had reduced need for BPH intervention, and reduced incidence of PCa and AUR.

Peer review:

You guys get more laughable as the day goes on...
Stan Piland profile picture
You should cover while you can bro. I addressed each of your allegations in depth a couple years ago (still available through my profile page, but not through the quote page.) Since then new CFO Erik Danielsen and consultant Dr. Claus Roehrborn pulled them out of the Decentralized European application, and they now plan to file both NDA and a centralized European MAA within the next few months. Dr. Roehrborn is one of the most prolific and respected urology researchers in the world, and his endorsement ensures regulators will take this drug very seriously. One shot provides durable relief for years relative to both baseline and placebo, with no side effects, improved sexual function, and an apparent 80% reduction in incidence of prostate cancer. It will likely be approved, and the market is huge. But they're also likely to initiate their P3 PCa trials this year, and that alone could drive this stock over $1B market cap. Good luck; you're going to need it.
White Diamond Research profile picture
Hi Stan,

You haven't addressed all the allegations in this report. And you couldn't have addressed this allegation because it happened after your article was published.

Why did NYMX file an MAA, wait a year while paying all the fees and jumping through the hoops, then withdraw it. And now, 1.5 years after the withdrawal, they still haven't filed for the whole EU?
Stan Piland profile picture
Because the CFO and Dr. Roehrborn are both more sophisticated in regulatory matters than Dr. Averback is. The decentralized application is initially cheaper and maybe a little quicker. But annual compliance is more expensive and cumbersome, and expanding approval through mutual recognition is even more so. Dr. Roehrborn is world-class; he's been involved with numerous breakthrough technologies in both BPH and PCa over several decades. He tore up the old application and started over. And now it's about done. Your call bro, But with approval for BPH and a successful P3 PCa trial, this company will be likely be acquired for $10B-$15B.
White Diamond Research profile picture
Where did you hear that that was the reason? That's not what the company said. This is what they said the reason is in the PR on 7/2/18:

"The Company has initiated the process and is taking the necessary steps to submit an expanded application for FT
to the European Medicines Agency for approval. The prior application in the EU will be replaced by the new
expanded application. The expanded application upon marketing approval will also greatly facilitate the overall
drug-distribution logistics as well as the annual post-marketing safety filing requirements in Europe.

Dr. Paul Averback, CEO and President of Nymox commented, "Management is excited by the opportunity to
expand the application leading to full EU market access. We believe FT will now become available to patients
across Europe earlier than in our previously projected plans. The increased manufacturing capacity will be
necessary to meet the anticipated demand across all European jurisdictions and worldwide. We all look forward to
continue to update our shareholders on our progress going forward”.
I was administered the drug about 9 years ago and it's still working for me that's the real shame
Deep.Blue profile picture
White Diamond Research v Claus Roehrborn.

Laughing my hynie off...

MAYHAWK profile picture
Dumped my 500 sh. at a 60% profit. Done with this POS.
White Diamond Research profile picture
Don't let today's NYMX PR fool you. They try to make it sound new, but they appointed that guy Russell Thompson, PHD for quality of manufacturing last year. As shown in this PR from 2019:


In this PR it says:

""Nymox has had the significant benefit of Dr. Thomson's expertise and extensive auditing activities of the Company's manufacturing related activities during the past 8 years as Qualified Person in the EU."

So this guy has worked for NYMX for 9 years now!
07 Feb. 2020
So what? Dont you get promoted in an organization?
Go compare the market cap of the “competitor” SPHS to NYMX and you can see which one the market values more.
White Diamond Research profile picture
That's our point. The market is wrong.
Deep.Blue profile picture
Not sure if the market is wrong White Diamond...

Did you know that SPHS BPH trial was done mostly in Russia?

Also you forgot to mention that a SPHS died a couple of hours after getting a reinjection shot...
Smylie profile picture
ROFLMAO......Were did you get the info that the trials were mostly done in Russia......
pathfinder11 profile picture
Almost sounds and looks as bad as nvax, novavax. Though I think nvax has them beat in terms of length of time in never bringing anything to market.
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