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.
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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