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Following the company’s announcement about the success of its COVID-19 vaccine, Synairgen stock has increased significantly. Now it is nearly 470% up.
British pharmaceutical company Synairgen Plc (LON: SNG) that is taking part in the COVID-19 vaccine race has announced positive results for the trial of its vaccine candidate. According to the company, those who were taking its drug SNG001 had a 79% lower risk of severe coronavirus symptoms in comparison to those who were taking a placebo.
Following the announcement, Synairgen stock has skyrocketed. At the time of writing, SNG stock is up nearly 470% which is quite breathtaking.
Synairgen’s Phase II trial of the COVID-19 vaccine, or SG016, was a double-blind, placebo-controlled trial. The study involved 220 patients: 100 patients in hospitals and 120 patients in the home setting.
Synairgen Vaccine SNG001 Trial: Details
During the 16-day treatment period, patients receiving SNG001 were more than twice likely to recover in contrast to patients who received a placebo. In addition, the measure of breathlessness was much lower in patients who received SNG001 in comparison with those receiving placebo. Further, Synairgen said there were no deaths among SNG001 patients.
Richard Marsden, CEO of Synairgen, stated:
“We are all delighted with the trial results announced today, which showed that SNG001 greatly reduced the number of hospitalised COVID-19 patients who progressed from ‘requiring oxygen’ to ‘requiring ventilation’. It also showed that patients who received SNG001 were at least twice as likely to recover to the point where their everyday activities were not compromised through having been infected by SARS-CoV-2. In addition, SNG001 has significantly reduced breathlessness, one of the main symptoms of severe COVID-19.”
“This assessment of SNG001 in COVID-19 patients could signal a major breakthrough in the treatment of hospitalised COVID-19 patients. Our efforts are now focused on working with the regulators and other key groups to progress this potential COVID-19 treatment as rapidly as possible.”
SNG001 is a formulation of IFN-beta, naturally occurring protein that orchestrates the body’s antiviral responses. SNG001 is inhaled directly into the lungs via nebulization, to treat or prevent LRT illness respiratory viruses cause.
Synairgen (SNG) Stock Soars
Following the company’s announcement, Synairgen stock has greatly increased since Friday. Today, it is as much as 470% up. The opening price for Synairgen shares has been 85 GBX. At the moment of writing, its stock is trading at 208.55 GBX. Synairgen market cap is 299.24 million GBX.
Since the COVID-19 outbreak, Synairgen has been approaching a number of medical, scientific, and governmental bodies (both in the UK, the U.S., and internationally) to investigate novel therapeutics in this area. Many say that its recent trial results can be a “major breakthrough in a fight with the coronavirus. If so, Synairgen stock will grow further.