One of the stocks to have made a strong upward move on Monday was that of the clinical stage biopharmaceutical firm Innovation Pharmaceuticals (OTCMKTS:IPIX).
The trigger for the rally was an update from the company with regards to the progress made in the antiviral research into its defensin-mimetic medicine Brilacidin. It was a major announcement from the company and the updates were fairly positive. Hence, it was no surprise that investors piled on to the stock in a big way yesterday and the Innovation stock went up by as much as 22% on the back of heavy interest.
The product in question is currently under development from Innovation as per a Fast Track Designation from the United States Food and Drug Administration for the treatment of COVID 19. The company announced that it will have a discussion about the product with the students at the George Mason University soon.
Due to the rise in COVID 19 infections, an event from the United States Department of Defense was cancelled in Orlando, Florida. At this point, the scientists at the company are involved in devising ways in which the entry of the COVID 10 virus into human cell can be blocked by Brilacidin.