Sorrento Therapeutics (SRNE) stock price jumped 160% as the company has revealed that it found an antibody that 100% blocks SARS-CoV-2 virus infection.
Numerous pharmaceutical and medical firms across the globe continue their work on vaccines, drugs and tests for the dreadful coronavirus. You can read about it in our coronavirus updates section. Sorrento Therapeutics Inc (NASDAQ: SRNE) has also made progress as regards treatment for the virus, the stock has reacted positively.
Sorrento Stock on the Rise
This development has helped the firm’s stock surge 84% within hours. As at the time of writing, the stock was on an unprecedented 160% surge trading at $6.83. It closed on Thursday at $2.62 and opened the trading today at $4.41.
The details of Sorrento coronavirus antibody preclinical research was released on Friday. It reads that the firm had discovered an antibody that provides 100% inhibition of SARS-CoV-2 virus infection of healthy cells after four days of incubation.
Although the finding is still subjected to peer review in a vitro lab, however, it remains a way forward in defeating the virus. The firm has continued working on producing an antibody cocktail that protects against the virus even in case of mutation in the virus.
The firm believes so much in the antibody labeled STI-1499. It works such that it doesn’t allow the virus to attach to host cells. This attachment to the host cells leads to incubation and infection.
The nature of the SARS-CoV-2, however, is a problem for researchers. They still seek answers to how mutagenic the virus is as it tends to mutate very quickly. This renders long-lasting cures and treatment hard to develop.
The firm’s COVID-SHIELD is meant to address this problem, however, with a mix of several antibodies that protects against strains of the virus. The therapeutics are also committed to developing the STI-1499 antibody independently as a standalone therapy.
Towards being fast with the development, Sorrento is in talks with regulators already and ramping up production capacity. The firm wants to produce as much as 1 million doses as it pursues U.S. Food and Drug Administration (FDA’s) approval for use. It is sacrosanct to note that there is yet no treatment or vaccine guaranteed to cure the SARS-CoV-2 or coronavirus. Still, then it is a welcomed development and one to look out for as it passes a clinical trial, therapeutic development, and regulation.
Muhaimin is a journalist, a fintech and crypto enthusiast who is passionate about its development in Africa and across the globe. Muhaimin derives pleasure in reporting and analysing happenings in the crypto world and a believer in Blockchain technology.