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 biotechnology company Synairgen (LON: SNG) are rallying on Friday after the company provided an update on its Phase 3 trial evaluating SNG001 as a treatment for Covid-19.
Synairgen said that the trial now has secondary primary endpoints which are ‘time to hospital discharge' and ‘time to recovery' while there are also now additional assessments for Long Covid-19 symptoms on day 60 and 90.
In positive news for the company’s treatment, Synairgen’s Investigational New Drug (IND) application to the FDA to evaluate SNG001 has been cleared, enabling the company to initiate its SG018 trial in the US.
Meanwhile, the FDA has also awarded SNG001 with Fast Track status, which enhances the company’s ability to interact with the FDA and shorten review timelines.
“With this adaptation we should be able to reduce the time taken to complete the trial, which, together with an expedited review from the FDA, could allow us to get this therapy approved for patient use in COVID-19 more rapidly,” said Richard Marsden, Synairgen CEO.
Synairgen investors have reacted positively to the news with its share price jumping to highs of 145p on Friday. They are currently trading at 137p, up 25.69%.
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