The coronavirus pandemic is continuing to run rampant worldwide. Even the U.S., one of the largest producers of vaccines, is struggling to tame new variants. As such, pharmaceutical companies are looking into ways to not just prevent Covid but to help alleviate its various symptoms. One of those companies is NRx Pharmaceuticals (NASDAQ:NRXP). NRXP stock is on the move up today with the company’s announcement.
NRx is a Delaware-headquartered, clinical-stage pharma company. The company specializes in the development of treatments for respiratory illnesses, among other things. NRx came to prominence largely in the last year, when its drug Zyesami proved to help treat serious respiratory issues among Covid patients with severe symptoms. As such, the company has been in the process of securing various approvals for the commercialization of the treatment and further testing.
NRXP Stock Flying High While Company Seeks Full Approval
NRXP stock is moving up quite a bit with the company’s new press release. NRx is announcing today its successful commercial formulation of long-lasting Zyesami. This is great news as the company prepares to move toward approval both in the U.S. and abroad. Given the success of the first round of commercial production, the company says it is going to stockpile the drug in order to get it to market as soon as it gets the green light.
CEO Johnathan Javitt mentions the original formulation of Zyesami doesn’t have as long of a shelf life as this new formula. As such, the company can afford to stock up on its own in anticipation of regulatory approval. Additionally, it can supply hospitals with larger supplies of Zyesami without the risk of expiration.
The company is on the verge of emergency use authorization (EUA) with the Food and Drug Administration (FDA). Also, production is ready to ramp up in anticipation of distribution. Naturally, NRXP stock is up over 46% on the day’s trading session. Over 35 million shares of NRXP stock are on the move today, far above the daily average of 1.3 million.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.