NanoViricides (NYSEAMERICAN:NNVC) stock is on the rise Tuesday after revealing positive results from the company’s drug candidates to treat the novel coronavirus.
The lead candidate from NanoViricides is NV-CoV-2. It makes use of the company’s nanoviricides platform and is expected to work on most strains of the coronavirus. The drug was found to be highly effective when compared to remdesivir.
Next up is NV-CoV-2-R. This coronavirus treatment from NanoViricides combines NV-CoV-2 and remdesivir. The company says that this is expected to act as a complete cure to the coronavirus by attacking the total virus lifecycle.
NanoViricides notes that the combination of the drug combination works as it protects remdesivir. On its own, remdesivir is quickly cleaned out of the body by its metabolism. Combining it with NV-CoV-2 allows it to stay in the body longer and better fight the coronavirus.
NanoViricides notes that it tested out both of these drugs in cell culture studies. They were both found to be effective at treating the illness. That paves the way for a pre-IND application and IND submission for these coronavirus treatments.
NanoViricides says it expects to get approval from the U.S. Food and Drug Administration for NV-CoV-2. It cites the fact that remdesivir is already FDA-approved as reason to believe its own drug will get approval as well.
NNVC was seeing massive trading volume early Tuesday morning on the news. As of this writing, more than 36 million shares had changed hands. That’s quite the jump compared to its daily average trading volume of about 346,000 shares.
NNVC stock was up 78.9% as of Tuesday morning.