The stock of drug-maker NanoViricides, Inc. (NNVC) has been skyrocketing in the pre-market trades today. As of 08:24 a.m. EST, the stock was priced at $8.56 rising +102.84% following a news of strong results for its two COVID-19 clinical drug candidates.
What’s actually happening?
Research and development at NanoViricides has focused on the development of special nanomaterials used for antiviral therapies. The Company has developed a novel class of nanoviricides that attacks and dismantles enveloped viruses. The first indication for its lead drug candidate, NV-HHV-101, a topical cream, is claimed to be safe and effective for treating shingles rash.
The company is also developing a clinical candidate attempting to treat COVID-19, the disease caused by the SARS-CoV-2 coronavirus. Once its COVID-19 project moves into clinical trials, the Company intends to re-engage into a IND application for NV-HHV-101, a drug candidate for the treatment of shingles, based on resources available. In addition to eye diseases, such as herpes keratitis and herpes zoster, other clinical development focused mostly on infectious diseases, seasonal Influenza, HIV, hepatitis C, dengue fever, and Ebola.
In a press release today, NanoViricides announced two clinical drug candidate’s strong anti-coronavirus effectiveness for which the company has been preparing its pre-IND application. A leading clinical candidate for the treatment of COVID-19 patients, NV-CoV-2 is an anti-coronavirus on the Company’s nanoviricide platform.
As a result, the Company is also developing NV-CoV-2-R, a drug treatment which encapsulates and protects remdesivir inside NV-CoV-2 and combines the power of both drugs. New cell culture studies indicate that NV-CoV-2 and NV-CoV-2-R are more effective than remdesivir against two distinct coronaviruses, thus leading to a pre-IND application and an IND submission for these novel drug candidates.