Pharmaceutical company shares have increased for more than 500% after COVID-19 drug test

According to the London Stock Exchange, at 14:30 Moscow time, shares of the British pharmaceutical company Synairgen rose by 535.62% compared to the price at the close of trading on Friday.

The shares increased after the company announced testing of its experimental drug, SNG001. On Monday, it became known that medication reduced the risk of complications from COVID-19.

About 220 people took part in the clinical testing. Thanks to the drug, it was possible to reduce the risk of switching to respiratory care and the risk of death was reduced by 79% compared to those who received a placebo. Those who received the medicine also showed a greater chance of complete recovery.

SNG001 is taken internally through the respiratory tract. It is created using interferon beta, a naturally occurring protein. Scientists managed to find out that patients who are sick or those most vulnerable to coronavirus often have interferon deficiency. Among them were elderly patients, as well as people with heart disease, lung disease or diabetes.

The pharmaceutical company was founded by three professors from the University of Southampton. The company’s shares have increased in value by 3850% for the entire current year. They are traded on the platform for emerging organizations of the London Stock Exchange. FinnCap analyst Mark Brewer said that if the drug goes to market, the company will be the subject of discussions with regulators.