Moleculin Biotech Inc (NASDAQ: MBRX) was a big gainer in yesterday’s session, closing the day with gains of 125.70%. The stock rallied after it got licensing rights for several drug candidates including WP1122 from WPD Pharmaceuticals Inc.
Independent research has shown that WP1122 cuts down on the replication of SARS-COV-2, the virus that causes COVID-19 in tests. WPD pharmaceuticals stated that researchers at the University of Frankfurt had found that the treatment worked by stopping glycolysis with a safe concentration of 2-DG. Glycolysis is the process of changing glucose to energy and one that helps in virus replication.
Commenting on the partnership with WPD Pharmaceuticals Inc, Molecular CEO Walter Klemp stated that the discovery of WP1122 had put their development efforts into overdrive. He added that the company was moving fast to prepare WP1122 for its clinical trials. He also stated that their speed will be increased by the fact that the U.S and the EU have taken measures to fast-track the approval of projects targeting COVID-19. He concluded by stating that, the company was looking forward to getting help from WPD Pharmaceuticals in pushing WP112 in Europe.
On his part, WPD Pharmaceuticals CEO Mariusz Olejniczak stated that they were happy with the breakthrough on WP1122 in helping reduce the spread of COVID-19. He also commended Moleculin and the University of Frankfurt researchers for their work in helping in the development of WP1122, as a potential COVID-19 treatment.
Looking at its price action, MBRX is in a breakout. The stock gapped up and opened the day at $1.63 and traded between a low of $1.12 and a high of $1.97, and then closed at $1.27. Volumes in the day stood at 169.91 million.
About Moleculin Biotech Inc
Moleculin Biotech Inc is a biopharma company focused on the development of oncology drugs. It is based in Houston, Texas.