Regeneron Pharmaceuticals (NASDAQ: REGN) shares have rallied premarket today after news broke over the weekend that US President Donald Trump was treated with the company’s experimental REGN-COV2 antibody cocktail.
According to reports, Trump was given the drug alongside Remdesivir, an antiviral treatment that has reportedly helped some coronavirus patients recover quicker.
The drug is currently undergoing trials, and in Regeneron’s latest press release, they said that their findings showed REGN-COV2 “rapidly reduced viral load through day 7 in seronegative patients.”
According to an Oxford University Professor involved in the UK trials of the treatment, it is “very promising.”
Professor Horby, speaking to BBC Radio 4 said that around three or four hospitals in the north were already using it, while it will be sent out to “another 30 to 40 hospitals” in the UK next week.
Regeneron has teamed up with Roche to increase the global supply of the drug if it is cleared for use.
The news has seen Regeneron’s stock price surge to $597.80, up 5.84% premarket on Monday.
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