The Synairgen share price (LON: SNG) continued its impressive surge since December by adding another 12 percent today following news that its phase III trial for its COVID-19 treatment has begun (SNG 001).
Amid a backdrop of rising COVID-19 hospitalisations and an expected lengthy vaccine roll-out, SNG has enjoyed a rise of over 125 percent since early December as investors were reassured over the potential opportunity.
Today, the first patient in the UK was dosed with its promising inhaled treatment that could reduce the potential for COVID-19 to develop into a more serious problem for patients.
Commenting on the vital trial that will enroll 610 patients globally was Synairgen CEO Richard Marsden.
Marsden highlighted the relevance of the treatment in a variety of scenarios including for people where the vaccine may not be effective or those who have not been vaccinated on a global scale:
“We need treatments as well as vaccines to fight highly pathogenic viruses such as SARS-CoV-2. Development of treatments like ours will remain necessary in cases where vaccines are not effective, for those who do not get vaccinated, and in case the virus mutates to the point where vaccines become less effective. We believe this trial presents an opportunity for a significant UK scientific breakthrough and, if given the right support, our drug could rapidly assist with the global crisis.”
The SNG share price is currently trading at 173p – should the trial be successful, then one could presume it will reach and likely succeed its previous highs of around 250p last year.