Sonoma Pharmaceuticals (SNOA) - Get Report more than tripled on Friday after a decision by an Australian regulator gave the green light for the wound-care-product company to label its disinfectant and sanitizer Nanocyn as effective against covid-19.
Sonoma's shares at last check were trading at $14.77 after the decision by the Australian Register of Therapeutic Goods. They've traded above $19 on Friday. Sonoma shares closed Thursday at $5.41 a share.
The volume of Sonoma shares traded also increased exponentially in wake of the decision by the Australian regulator, which allows the pharmaceutical company to claim on the Nanocyn label that it kills the deadly virus on hard surfaces in 30 seconds.
Trading volume of shares of Sonoma surged to more than 5.5 million shares, well above the 65-day average of 33,000 shares.
Sonoma specializes in hypochlorous acid products used in wound and eye care and to treat dermatological conditions.
Sonoma said its partner, MicroSafe Group of Dubai, had received the Covid-19 labeling permission from the ARTG.
The decision comes on the heels of Sonoma's deal to purchase the patented Microcyn "technology-based disinfectant," marketed in Australia under the Nanocyn brand name.
"We have been fighting global pandemics for nearly 20 years ... and we are very pleased with the test results and the subsequent approval of the SARS-CoV-2 (Covid-19) label claim," said Safa Qadumi, founder and chief executive of MicroSafe Group, in a statement.
"The label claim comes with a 30-second virucidal kill time on hard surfaces, a landmark kill time for a nontoxic disinfectant," Qadumi said.