new-recommended-broker-banner new-recommended-broker-banner

Tyme Stock Up Over 30% On Potential New COVID-19 Oral Therapy

Updated: 22 Mar 2021

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.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage . 75 % of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money .