Shares of NanoViricides Inc (NYSE: NNVC), which is engaged in the creation of special nanomaterials for antiviral therapy, has been seeing upward momentum since the outbreak of coronavirus contagion in the Wuhan province of China.
The company confirmed in a late Thursday release that it's working on developing a treatment for the novel coronavirus 2019-nCoV aka Wuhan coronavirus.
"Our platform technology enables possibly the most rapid pathway for new drug development against viral diseases," said Anil Diwan, President and Executive Chairman of NanoViricides.
NanoViricides sought support from governmental and international agencies such as the U.S. CDC, WHO and Chinese CDC for developing these treatments. The company said it intends to seek relevant collaboration for testing its drug candidates soon.
While noting it already has some lead candidate ligands in its chemical library, NanoViricides said it may be already significantly ahead in developing a potential treatment for the Wuhan virus. It also said it has begun preparing for testing less threatful viruses that can help screen its broad-spectrum antiviral drug candidates.
From under $3.50 a share prior to the reporting of the Wuhan virus outbreak, NanoViricide's stock rallied to a high of $17.77 this week.
The stock surrendered some of the gains but began picking up momentum Thursday on reports of the company working on a cure for the deadly virus that has thus far claimed 213 lives in China and has left about 10,000 infected.
In pre-market trading Friday, shares of NanoViricides were soaring 48% to $17.85.