Heat Biologics Inc (NASDAQ: HTBX) shares were trading more than 50% higher Monday after the Durham, North, Carolina-based biopharma company said in an SEC filing that it has filed a provisional patent application that would apply its immune system activating technology for the treatment or prevention of COVID-19, the new coronavirus originating from Wuhan, China.
The company specializes in developing therapies to activate patients' immune systems against cancer.
Heat Biologics' pipeline consists of three product candidates that are being tested as combination therapies for treating cancer.
Its pipeline is focused on T-cell activation and co-stimulation, as well as dual-acting immunotherapies to offer the potential benefits of combination immunotherapy without the need for multiple, independent biologics.
Its lead product candidate HS-110 is in Phase 2 development along with Bristol-Myers Squibb Co's (NYSE: BMY) Opdivo in non-small cell lung cancer.
Heat Biologics shares were spiking 59.15% higher to 53 cents at the time of publication.