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Scientist in a lab

Biotechnology company Tyme Technologies (NASDAQ:TYME) has announced that it has found a potential new approach to treating COVID-19, news which sent the stock surging higher.

The company stated that the new approach involves using a metabolic agent aptly called TYME-19, which is also used in Tyme’s anticancer product.

Tyme said, “Because of its expertise in metabolic therapies, the Company was able to quickly identify TYME-19 as a potent, well characterized antiviral bile acid and has performed preclinical experiments establishing effectiveness against COVID-19.”

Tyme’s share price…

Shares in the emerging biotechnology company surged after the announcement, climbing as high as $1.67 per share.

However, after the open, it has fallen back towards yesterdays close of $1.17 and is currently trading at $1.35, up 16% so far on Wednesday.

Tyme said it has partnered with physicians from Massachusetts General Hospital and the Weill Cornell Medical Centre to design a trial for recently diagnosed COVID-19 patients.

“We hope that TYME-19 can soon be an important treatment alternative for doctors in the fight against COVID-19,” said Steve Hoffman, TYME’s Chairman and CEO.

“We chose TYME-19 because of its similarity to our metabolic cancer agent TYME-18, the breadth of research, its ease of manufacturing and oral administrability.”

The company's trial is set to commence as soon as the site approvals are completed.

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