- Shares of Tyme Technologies soared as much as 127% on Wednesday.
- The company was granted additional patent claims for its product TYME-19 which can be used to treat COVID-19.
- “We believe that TYME-19 diminishes the ability of COVID-19 to hijack an infected cell,” the company wrote in a statement.
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Tyme Technologies skyrocketed as much as 127% on Wednesday after the company announced the US Patent and Trademark Office granted additional patent claims for their product TYME-19-a metabolomic technology directed at treating COVID-19.
As an emerging biotechnology company, Tyme Technologies usually focuses on developing treatments for advanced cancers through its cancer metabolism-based therapies called CMBTs™.
However, when the pandemic struck, the company refocused some of its efforts to developing treatments that might help fight the COVID-19 virus. Now the US patent and Trademark Office has granted Tyme US Patent No. 10,905,698 to do just that.
However, the company still has multiple steps to navigate before the treatment will be available to the public.
The clinical-stage biotech firm’s TYME-19 metabolomic technology remains an “investigational compound” that is not approved in the US for any disease treatment at this time.
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Still, in preclinical testing, TYME-19 “repeatedly prevented COVID-19 viral replication without attributable cytotoxicity to the treated cells,” according to a press release.
TYME-19 is an oral synthetic member of the bile acid family. The technology works to limit cellular metabolism, constraining viral replication.
“We believe that TYME-19 diminishes the ability of COVID-19 to hijack an infected cell,” the company wrote in a statement. “TYME intends to initiate the appropriate clinical trials to substantiate the safety and efficacy of TYME-19.”
Due to its status as a clinical-stage biotech company, Tyme didn’t post revenues in 2020, but the company has a strong pipeline of upcoming therapies and plenty of cash to burn for now with $19.4 million in cash and cash equivalents at the end of the September quarter.
Tyme traded up 116%, at $3.92 per share, as of 1:33 PM EST on Wednesday.