Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Shares of Synairgen (LON: SNG) are rallying Wednesday after the company revealed that the external data safety monitoring board (DSMB) of the ACTIV-2 study has recommended that SNG001 advance into Phase 3 in mild to moderate COVID-19 patients.
SNG001 is described as a formulation for inhalation containing the broad-spectrum anti-viral protein interferon beta (IFN-beta) to treat severe viral lung infections.
Phillip Monk, Chief Scientific Officer of Synairgen, explained that “Interferon beta is a naturally-occurring protein, which orchestrates the body's antiviral responses. SARS-CoV-2 suppresses IFN-beta production to compromise the immune system; the aim of delivering SNG001 directly into the lungs is to restore or boost natural antiviral defences to prevent the virus from causing severe lower respiratory tract illness.”
He went on to say that data suggests SNG001 is well tolerated with a favourable safety profile.
Richard Marsden, CEO of Synairgen, said: “The advancement of SNG001 from Phase 2 to Phase 3 of the large ACTIV-2 trial is very welcome news and continues to build the case that our formulation of inhaled IFN-beta may have an important role in combatting COVID-19 and future emerging virus threats.
“In addition to the ACTIV-2 trial, our own Phase III SPRINTER study assessing SNG001 in hospitalised COVID-19 patients, is also progressing well and we expect top-line results in early 2022.”
Synairgen's share price has risen over 12.3% to 65.1p following the news, putting it up over 7% for the year to date.
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