Altimmune Inc (NASDAQ: ALT) was one of the top gainers in Friday’s session. The stock rallied to close with gains of 110.23%. This came after the company announced completing the design and synthesis of a vaccine for preventing COVID-19. The company said that it was now taking the vaccine to the next level of animal testing and manufacturing.

The company stated that its intranasal vaccine is based on the same technology as NasoVAX. NasoVAX is Altimmune Inc.’s vaccine candidate for influenza. The COVID-19 vaccine is designed to offer systematic immunity after the administration of a single intranasal dose. The company further stated that a Phase 2 clinical study of NasoVAX brought to the fore the capacity of intranasal vaccines to trigger a long-lasting and broad immune response to the influenza virus.

The company is optimistic that the clinical profile of NasoVAX has relevance to COVID-19.  That’s because intranasal delivery takes the immune response where it is most needed in the protection against respiratory infection. The company also stated that more testing of the vaccine could start in August.

Commenting on this development, CEO Vipin K. Garg Ph. D stated that the company had taken action and made a vaccine after COVID-19 spread outside China, and the reporting of a case of unknown sources in the United States. He further added that the company believes its intranasal vaccine technology was designed to offer systemic protection against respiratory infections of the airways. As such, it can be used in preventing the spread of COVID-19.

From its price action, the stock gapped up and opened the day at $4.18. It then traded between a low of $3 and a high of $4.45 before closing the day at $3.70. Volumes in the day stood at 26.13 million.

About Altimmune Inc

Altimmune Inc is an immunotherapy biotech company. It is based in Gaithersburg, Maryland.