Lakewood-Amedex Stock Falls Despite Positive Nu-3 Manufacturing Update

Lakewood-Amedex Biotherapeutics Inc. ( LABT ) shares were trading higher Monday but have since reversed and begun trading lower after the company announced data for Nu-3. Lakewood-Amedex stock is testing key support levels. What’s behind LABT weakness? Lakewood-Amedex Highlights Manufacturing Progress For Nu-3 Lakewood-Amedex said Nu-3 is being developed as a topically delivered treatment for mildly infected diabetic foot ulcers designed to reduce the risk of antimicrobial resistance. The company said it completed several multikilogram-scale manufacturing runs for members of its Bisphosphocin class of compounds under current Good Manufacturing Practices guidelines with high efficiency. Lakewood-Amedex also said process development advances improved cost of goods and produced bulk drug substance with enhanced physical chemistry characteristics. In addition, the company said multikilogram quantities of the Nu-3 gel formulation have been manufactured under cGMP guidelines and are suitable for use in clinical trials. "Lakewood-Amedex Biotherapeutics ( LABT ) has worked diligently to optimize formulation and manufacturing processes required to produce both the Bisphosphocin drug substances and drug products," said CEO Kelvin Cooper. Cooper said the Bisphosphocin class of compounds could potentially be adapted to a range of drug product formulations and delivery methods, including possible applications in complicated urinary tract infections and pulmonary infections. The company also announced that stability testing showed the Nu-3 bulk drug substance material remained stable for at least five years, while the Nu-3 drug product formulation remained stable for at least two years. Lakewood-Amedex said initial testing for bioburden and antimicrobial effectiveness demonstrated undetectable bioburden levels for at least two years and showed the product does not require additional preservatives to maintain antimicrobial effectiveness. Read Also: Stock Market Today: Dow, S&P 500, Nasdaq Futures Drop After UAE Nuclear Plant Strike— Regeneron Pharma, NextNRG, ServiceNow In Focus (UPDATED) Lakewood-Amedex Shares Fall LABT Price Action: At the time of publication, Lakewood-Amedex shares are trading 22.67% lower at $1.15, according to data from Benzinga Pro. Image via Shutterstock