Shares of Altimmune Inc. (ALT) are surging over 20% in pre-market today, after the company announced that it has been awarded $4.7 million from the U.S. Army Medical Research & Development Command or USAMRDC to fund its Phase 1/2 clinical trial of T-COVID, an investigational intranasal immune modulator for the treatment of outpatients with early COVID-19.
The award is expected to provide Altimmune sufficient funding to cover the entire cost of conducting this clinical trial.
Altimmune expects to commence patient enrollment in the T-COVID Phase 1/2 trial in the coming weeks, with data readout expected in the fourth quarter of 2020. If the Phase 1/2 clinical trial is successful, the company plans to initiate a Phase 2/3 trial of T-COVID early next year and commence discussions regarding a potential Emergency Use Authorization.
The stock has been trading in the range of $1.51 – $11.20 for the past one year, and closed Friday’s trade at $10.60, up $1.41 or 15.34%. ALT is currently trading at $12.72, up $2.12 or 20.00%.
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