Relief Therapeutics has recorded a 38,300% gain in its year-to-date record. The stock is currently trading at 0.375 Swiss francs.
The share price of Swiss biotech firm Relief Therapeutics Holding SA (SWX: RLF) has climbed 38,000 % in 2020. The spike in the firm’s share price can be tied to its effort to develop a COVID treatment. Specifically, the Swiss biotech firm has been focusing on a drug that may treat respiratory failure caused by the coronavirus.
According to a CNBC report, Relief Therapeutics’ market valuation rose significantly in reaction to encouraging results from the initial set of patients treated with RLF-100. The biotech firm recorded an increase in market capitalization from 1000 million Swiss francs as of the end of July to over 1.6 billion Swiss francs on the 10th of August.
Relief Therapeutic Sees Increase in Share Price
At press time, however, Relief Therapeutics’ market capitalization stands at 974.3 million Swiss francs. Also, the firm has recorded a 38,300% gain in its year-to-date record. The stock is currently trading at 0.375 Swiss francs, Relief Therapeutics share price is 1% down.
In 2000, Relief Therapeutics developed RLF-100 to treat severe respiratory-related problems and other lung problems. At the peak of the unprecedented global health crisis, several biotech firms started focusing on ways to counter the coronavirus. At that time, scientists at Relief discovered that RLF-100 could protect the cell attacked by the coronavirus.
CNBC noted that Relief Therapeutics and US partner NeuroRX have met with 165 patients participating in the ongoing trial. Already, the US Food and Drug Administration has authorized the phase 2b/3 trial of RLF-100.
Relief Therapeutics Expects Topline Data from Ongoing Trial
Relief Therapeutics chairman Ram Selvaraju said the company is looking forward to topline data from the ongoing trial. While speaking with CNBC, the chairman further said the firm expects the data to roll-in in the first half of the coming month.
In addition, Selvaraju commented on the significant rise in the company’s share price. He noted:
“Where other people have focused primarily on mildly infected or moderately infected people, we have fastidiously tried to see whether our drug can bring benefits to the critically ill and the end-stage folks.”
Notably, results on the use of RLF-100 on coronavirus patients have revealed that 72% ICU patients are surviving.
Speaking further, Selvaraju said that Relief Therapeutics and partner NeuroRX are in contact with Operation Warp Speed (OWS). The US President Donald Trump announced the OWS to facilitate a fast creation and distribution of COVID-19 treatments. Upon a successful phase three trial, Relief Therapeutics expects to receive stockpiling orders from the US government.
When the US FDA granted RLF-100 a fast track designation in June, Relief Therapeutics said the ongoing health crisis may be an opportunity for this drug to shine. The chairman said that the company expects to test other forms of respiratory issues if the drug works for COVID-19 treatment. He added:
“…our long vision is to have this drug become a sort of workhouse drug for emergency rooms and Intensive Care Units and hospitals and hospital systems everywhere.”
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