Regeneron targets summer trials for coronavirus treatment

Regeneron shares spiked as much as 15% on the news

Regeneron Pharmaceutical shares soared Tuesday morning after the drugmaker said it hopes to begin clinical trials for a new coronavirus treatment as soon as this summer.

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Shares of the Tarrytown, New York-based company gained as much as 15 percent ahead of the opening bell.

TickerSecurityLastChangeChange %
REGNREGENERON PHARMACEUTICALS INC.636.60-11.84-1.83%

“Given the tremendous interest and concern around the COVID-19 pandemic, we will be providing regular and transparent updates on our discovery and development programs,” Dr. George D. Yancopoulos, cofounder and chief scientific officer, said in a statement.

The COVID-19 outbreak has infected 183,356 people worldwide and killed 7,167, according to the latest update from Johns Hopkins University & Medicine.

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Regeneron said its scientists have isolated hundreds of virus-neutralizing, fully human antibodies from genetically modified mice as well as from people who recovered from COVID-19 and will choose the top two for a cocktail treatment.

That treatment, which can be administered before exposure as a preventive measure or as treatment for the virus, has the potential to enter human clinical studies by the early summer.

On Monday, Regeneron and its collaborator Sanofi announced the initiation of Phase 2 and 3 trials for their treatment for patients hospitalized with severe COVID-19.

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Regeneron shares were up 17.4 percent year-to-date through Monday. 

This story is developing. Check back for updates.