NEW YORK (TheStreet) -- Tekmira Pharmaceuticals (TKMR shares are up 11.5% to $15.90 on Monday in response to the FDA's announcement that it "stands ready" to work with companies fighting an outbreak of Ebola that has killed over 700 people in six months.
The stock is trading on heavy volume with 6 million shares changing hands in early trading, well ahead of its three month daily average of 390,980 shares.
This announcement raises hopes for Tekmira's TKM-Ebola Phase 1 Ebola treatment, which the agency placed a clinical hold on last month.
The hold means that the company cannot continue the same clinical trial that the FDA stopped, but the company could propose a new trial.
A senior official at the FDA told Reuters that "the agency would consider proposals for providing treatments under special emergency new drug applications" if the proposed treatment landed on the right side of the agency's cost-benefit analysis.