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Summary
- Stocks of Tyme Technologies (NASDAQ:TYME, TYME:US) skyrocketed by nearly 94 per cent on Wednesday.
- The biotechnology company announced receiving a patent for a coronavirus treatment using its metabolomic technology platform from the US Patent and Trademark Office (USPTO).
- Tyme Technologies' experimental treatment, dubbed as TYME-19, is said to have the capacity to put a check on the virus’ mutation process.
Stocks of biotechnology company Tyme Technologies (NASDAQ:TYME, TYME:US) skyrocketed by nearly 94 per cent on Wednesday, February 3, after it received another patent for its COVID-19 related treatment.
Tyme Technologies announced in an official report that the patent is for a coronavirus treatment using its metabolomic technology platform from the US Patent and Trademark Office (USPTO).
What Is Tyme Technologies’ COVID-related Treatment Using Metabolomic Technology?
Most vaccines and treatments meant for COVID-19 target the virus’ external layer, especially the spike proteins surface. This approach could effectively leave these therapies less efficient on the coronavirus’ genetic mutations.
Tyme Technologies' experimental treatment, dubbed as TYME-19, is said to have the capacity to put a check on the virus’ mutation process.
The oral treatment is synthetic member of the bile acid family which Tyme has used in the past for its anti-cancer compound known as TYME-18.
©Kalkine Group 2020
If TYME-19 turns out to be effective for COVID-19, its USPTO patent could not only protect Tyme Technologies' innovation, but also have the potential to reel in substantial earnings in the future.
The New Jersey-based biotechnological firm said that it intends to submit TYME-19 for clinical trials soon and release the test results later in 2021.
Tyme Technologies has also continues to work on its cancer metabolism-based therapies (CMBTs™), including its orally administered medication of SM-88.
Tyme Technologies Stock Performance
Wednesday’s price surge sent Tyme stocks swinging by over 189 per cent this year. Currently priced at US$ 3.53, the NASDAQ-listed shares posted gains of nearly 307 per cent in the last three months and of 197 per cent over the past six months.
Early on Thursday, Tyme announced a registered direct offering of 40 million of its shares for a purchase price of US$ 2.5 per piece. The at-the-market offering is expected to close by next week on February 8.
