Surely the value is based on the product, it's not like it's some imaginary crypto or faddy food or fashion product.
Any successful drugs often bring multiples to share prices of small biotechs, often preceding a buy out or royalty agreement with a major pharma if successfully navigating the phases.
Interferon seems to have a lot of support in the research community as a useful tool to fight many problems, particularly respiratory ones, and it's part of the body's natural immune defence system.
This bunch have been researching and developing orally administered interferon for years, having been spun off by Southampton Uni, and were targeting the COPD arena till COVID showed up. They have already run some successful (albeit small) trials which were well received by the scientists.
Since COVID came along there have been numerous studies which support interferon as a therapeutic, but it is Synairgen;s patented delivery mechanism (via nebuliser, straight to the lungs) which seems to be the differentiator - there was a study yesterday into injected interferon which didn't have good results.
See, I'm brainwashed :-)
What is odd is that a few weeks ago the SP went up to £1.90 in minutes on a rumour that it had progressed to P3, which obviously turned out to be untrue. It was a "mis-speak" by a US doc who is very involved with the different trials and soon dropped back again. Today on the real news, it hasn't gone up so much. But that's possibly because the US markets were open when he spoke, and they aren't now. It is, after all, progression on a US funded trial. Synairgen have their own separate trial reporting before year-end.
Lastly more drugs have failed at phase 2 of the US trials than have progressed, many of which have soaked up a large number of participants. I believe it is the only inhaled drug remaining, which has an appeal to the healthcare industry as it can be self administered.
www.nih.gov/research-training/medical-research-initiatives/activ/covid-19-therapeutics-prioritized-testing-clinical-trials
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