Immunic Inc (NASDAQ: IMUX) was a big gainer in yesterday’s session, and closed the day with gains of 26.87%. This came a day after the company announced that its top asset called IMU-838 had shown pre-clinical activity against SARS-COV-2.
The company announced that IMU-838 was shown to stop the replication of isolates of SARS-COV-2., the virus causing COVID-19. The company further announced that when analyzed in cellular assays, IMU-838 had shown its antiviral activity at concentrations linked with IMU-838 doses that were studied in the company’s current clinical trials. It also announced that the encouraging results had driven the need for a clinical program for IMU-838, as a treatment for the new coronavirus.
Immunic’s moves with IMU-838 has been noted by medical experts who see it a potential option in treating COVID-19. Prof. Maria Vehreschild, who heads the Infectious Diseases Unit at the University of Frankfurt stated that while most of the effort is focused on developing vaccines, moving towards treatment options is a good option too. She added that IMU-838 was a promising solution on this front. Prof. Vehreschild also noted that with a DHODH inhibitor such as IMU-838, it is possible to block de novo production, an RNA building block in infected cells.
Commenting on the development, Immunic CEO Daniel Vitt stated that IMU-838’s antiviral activity affirmed its action against SARS-COV-2. He further noted that the company was looking to kick start phase 2 clinical trials on IMU-838. He said that the goal is to figure out if IMU-838 was effective in treating COVID-19.
From its price action, IMUX is in a breakout. It gapped up and opened the day at $10.65. It then traded between a low of $10.13 and a high of $12.48, before closing the day at $10.86. Volumes in the day stood at 2.4 million.
About Immunic Inc
Immunic Inc is a biopharma company that develops treatments for autoimmune diseases. It is based in San Diego, California.