The Recce Pharmaceuticals Ltd (ASX: RCE) share price has been on fire on Friday morning.
At the time of writing, the drug discovery and development company's shares are up over 10% to $1.14.
This means the Recce share price is now up 180% over the last 12 months.
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Why is the Recce share price rocketing higher today?
Investors have been buying Recce shares this morning following the release of an update on its COVID-19 anti-viral screening program.
According to the release, the results from RECCE 327 (R327) are demonstrating encouraging virucidal activity against the SARS-CoV2 virus (COVID-19) with a positive safety profile.
These findings are based on independent tests conducted by the CSIRO/Doherty Institute as part of its program.
The company notes that R327 showed a reduction in SARS-CoV-2 viral genome numbers at 4,000 parts per million (ppm) and the virus was no longer detectable by viral titration.
In addition to this, the company advised that a leading contract research organisation in the United States is expanding its in-vivo studies of RECCE compounds against SARS-CoV-2 in ferrets to include emerging UK and South African variant strains of the virus. These studies continue to progress well with results on-track within the present quarter.
R327 was originally developed for the treatment of blood infections and sepsis derived from E. coli and S. aureus bacteria.
What now?
Management advised that it is delighted by the results but warned that further testing must be completed before R327 is confirmed as being active against the SARS-CoV-2 virus.
The company's Non-Executive Chairman, Dr. John Prendergast, commented, "We continue to be encouraged by the results from the antiviral SARS-CoV-2 screening program as it reinforces our belief in the potential of R327 against COVID-19 including emerging variant strains. We would like to thank the Doherty Institute for performing the experiments and look forward to coming studies."
