Synairgen shares (LON:SNG) rocketed over 380% on Monday morning after the AIM-listed company released positive results from a trail of a COVID-19 treatment.
The trial involved Synairgen’s SNG001 which was directly delivered to the lungs via nebulisation to help promote the bodies own immune response to the COVID-19 virus.
Synairgen found that those given SNG001 during the trail were 79% more likely to recover than those that were given a placebo.
In particularly encouraging findings, of those given a placebo drug, three people sadly died, but of the group given Synairgen’s SNG001, there were no deaths recorded.
“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’,” said Richard Marsden, CEO of Synairgen.
The Synairgen CEO also pointed to positive results relating to the recovery of patients to a level of fitness similar to before they caught COVID-19.
“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.”
Synairgen share price
The Synairgen share price rose a bumper 380% to 177.5p in mid morning trade on Monday, meaning the shares were up over 2,900% in 2020 alone.
Synairgen shares traded as low as 5.8p in December 2019.
Whilst current Synairgen investors will be cheering today’s jump, the move will be particularly painful for prior investors in Neil Woodford’s equity fund.
Woodford had held the stock in the Woodford Equity Income Fund, but liquidators sold the Synairgen holding at a significant discount to the market price last month.