Adamis Pharma (NASDAQ:ADMP) stock is taking off on Wednesday following news of a possible treatment for the novel coronavirus.
Adamis Pharma announced today that it has submitted an Investigational New Drug (IND) to the U.S. Food and Drug Administration (FDA). This has it seeking to use Tempol to treat the coronavirus.
Tempol is Adamis Pharma’s drug with anti-inflammatory, anticoagulant, and antioxidant activity capabilities. The company hopes that the use of this drug will benefit patients dealing with the virus, but it isn’t a cure for it.
Dr. Dennis J. Carlo, president and CEO of Adamis Pharma, said this about the news release pushing ADMP stock higher.
“We believe that Tempol could play a pivotal role not only in the treatment of COVID-19, but actually in preventing hospitalization. With new mutations occurring in the virus, it is apparent there is an ongoing need for new therapies. The South African and other variants could very well evade the protection of antibody treatments and also bring up concerns about the efficacy of the current COVID-19 vaccines. Mutations can possibly render these vaccines less potent and could require them to be updated as with influenza vaccines.”
Adamis Pharma’s mentality here is that the coronavirus could be here for the long haul. If true, that means Tempol could benefit patients by treating the symptoms before they get too bad. That could be a solid strategy moving forward if the virus continues to mutate and outmaneuver vaccines.
ADMP stock was up 97.4% as of Wednesday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.