Sorrento Therapeutics (NASDAQ:SRNE) news for Friday concerning a possible cure for the novel coronavirus has SRNE stock soaring.
According to a news release from Sorrento Therapeutics, the company has identified about a dozen antibodies that are able to prevent the coronavirus from infecting cells. It plans to use these antibodies to create a cocktail that fends off the virus.
Sorrento Therapeutics notes that among these antibodies was one that stuck out. It showed the ability in lab tests to prevent the coronavirus from infecting cells at a low count. SRNE calls this antibody STI-1499 and says it could be a strong antibody drug candidate.
The current plan is to create two products to stop the coronavirus with these antibodies. The first is being called COVI-SHIELD and would be an antibody cocktail to prevent infection. The second would be a stand-alone therapy called COVI-GUARD.
The Sorrento Therapeutics news release also mentions that the company is seeking ” priority evaluation and accelerated review from regulators,” for the coronavirus treatments. If all goes well, it expects its plant to produce 200,000 doses a month.
Sorrento Therapeutics points out that it will be creating millions of doses at risk ahead of government approval. It’s also seeking help from the government and other pharmaceutical partners to increase production levels. It estimates this will allow it to create “tens of millions of doses in a short period of time to meet the vast projected demand.”
SRNE stock was up 172.1% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.