NanoViricides (NNVC) - Get NanoViricides, Inc. Report shares nearly doubled on Tuesday after the nano-biopharmaceutical company reported “strong effectiveness” for two of its COVID-19 clinical drug candidates.
The Shelton, Conn., company said it’s preparing a pre-IND application. That’s a Food and Drug Administration pre-investigational new drug application consultation program available to facilitate communications with the agency.
NV-CoV-2 is the company's clinical lead drug candidate to treat COVID-19 patients based on its NanoViricides platform, the company said.
In addition, it’s developing NV-CoV-2-R, a drug treatment that combines NV-CoV-2 and Gilead’s (GILD) - Get Gilead Sciences, Inc. (GILD) Report remdesivir in a single drug that “encapsulates and protects remdesivir inside NV-CoV-2,” NanoViricides said.
“Both NV-CoV-2 and NV-CoV-2-R are expected to work against most, if not all, coronaviruses and their variants, based on the company's findings on their preclinical effectiveness,” NanoViricides said.
“NV-CoV-2-R is designed to attack both the virus reinfection cycle outside cells, and the virus replication cycle inside cells. NV-CoV-2-R is thus potentially a cure for COVID-19 infection by virtue of attacking the total virus lifecycle.”
NanoViricides recently traded at $7.24, up 73%. It has traded as high as $8.19 on Tuesday, up 94%. It had gained 14% over the three months through Monday’s close, perhaps amid optimism about the coronavirus treatments.
Gilead traded at $62.91, up 0.7%. It has slid 10% during the past year, as it isn’t expected to make much money off remdesivir. That drug was used in the cocktail that former President Donald Trump took in October.
To be sure, in January, Gilead increased its earnings estimate for 2020 amid demand for remdesivir. It boosted its forecast for adjusted earnings to a range of $6.98 to $7.08 a share from $6.25 to $6.60.