- The stock price of SIGA Technologies, Inc. (NASDAQ: SIGA) increased by over 29% during intraday trading today. This is why.
The stock price of SIGA Technologies, Inc. (NASDAQ: SIGA) increased by over 29% during intraday trading today. Investors are responding to SIGA Technologies saying it is in talks with European authorities about stockpiling an antiviral drug for monkeypox following an unusual international outbreak of the virus. The virus could be deadly in 1 out of 10 cases.
SIGA Technologies was funded by the U.S. government for addressing threats that are posed by biological weapons. And the company has developed an antiviral called tecovirimat – which fights smallpox and several other related viruses including monkeypox. Tecovirimat was approved for treating smallpox in the U.S., which is where it is sold under the name TPOXX.
The European Medicines Agency (EMA) had approved tecovirimat earlier this year for smallpox, monkeypox, and cowpox – which are all caused by viruses that are within the same family of orthopoxviruses.
An unusual number of monkeypox cases surfaced in Europe and North America. Typically, these cases have been reported in Africa.
“As you might imagine, a number of the jurisdictions where cases are being found have contacted us and are interested in acquiring the drug as soon as possible,” said Dennis Hruby, chief scientific officer at SIGA Technologies in an interview with Euronews Next. “Our drug will stop further progression of the disease and then allow your natural immune system to kick in and eradicate the virus,” Hruby said in an interview.
The drug taps the virus in the infected cells so it cannot spread. And it still enables the immune system to react to the viral antigens that are attacking the body. So while patients are on the drug, they could potentially be saved from further disease.
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