Clinical-stage biotech PharmAust (ASX: PAA) is closer to starting its phase 1 clinical trial evaluating its monepantel (MPL) drug in motor neuron disease (MND) after receiving its first instalment of a funding commitment and appointing Alithia Life Sciences to manage the study.
PharmAust makes important progress during quarter ahead of multiple clinical trials of lead drug, monepantel stockhead.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from stockhead.com.au Daily Mail and Mail on Sunday newspapers.
PharmAust (ASX:PAA) share price soars 7% on positive update
Aaron Teboneras | April 7, 2021 4:01pm |
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PharmAust Limited(ASX: PAA) share price is shooting upwards following an update on its antiviral program. In late afternoon trade, the PharmAust share price is trading for 11 cents apiece, up 7.1%.
What did PharmAust announce?
Investors are pushing PharmAust shares higher after taking in the company’s progress on antiviral activity against COVID-19.
In its announcement, PharmAust provided an update on its lead drug candidates as antiviral therapeutics. These include monepantel (MPL) and also monepantel sulfone (MPLS).
The company stated that data from extensive testing at Leiden University Medical Center (LUMC) has demonstrated antiviral activity in non-human primate systems. This follows two previous independent laboratories that conducted MPL’s antiviral activity in both primate and non-primate cell cultures mid-last year.