UK biotech firm skyrockets 552% after drug lowers odds of serious COVID-19 symptoms

• UK biotech firm Synairgen surged as much as 552% on Monday after the company announced its experimental coronavirus drug helped curb the contraction of serious COVID-19 symptoms.
• The SNG001 drug cut the odds of a patient requiring ventilation or dying by 79% compared to those receiving a placebo, the company said.
• The firm is now focused on working with regulators to progress the treatment "as rapidly as possible," CEO Richard Marsden said in a press release.
• Watch Synairgen trade live here.

Shares of small UK biotech firm Synairgen spiked as much as 552% higher on Monday after the company revealed its experimental coronavirus drug was mostly successful in preventing the development of serious COVID-19 symptoms.

The company's SNG001 drug reduced the odds of a patient needing ventilation or dying by 79% compared to those receiving a placebo, the company said Monday. Patients receiving the drug were also more than twice as likely to recover and experienced a "markedly reduced" level of breathlessness.

"This assessment of SNG001 in COVID-19 patients could signal a major breakthrough in the treatment of hospitalized COVID-19 patients," CEO Richard Marsden said in a press release. "Our efforts are now focused on working with the regulators and other key groups to progress this potential COVID-19 treatment as rapidly as possible."

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Synairgen's trial involved 220 subjects in the UK. Further analysis of the trial's results will take place over the coming weeks.

The stock's Monday leap follows similar upswings for biotech stocks racing to introduce the first effective coronavirus treatment. Industry giants including Pfizer, AstraZeneca, and Gilead are among the several firms with drugs undergoing trials.

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Moderna soared as much as 18% on Thursday after its experimental drug safely produced antibodies in all 45 of its Phase 1 trial participants.

Synairgen's stock traded at 232.23 pence ($2.91) per share as of 8:30 ET Monday, up 3,185% year-to-date.

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