Why Aridis Pharmaceuticals (ARDS) soared on Thursday?

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Why Aridis Pharmaceuticals (ARDS) soared on Thursday?

 Why Aridis Pharmaceuticals (ARDS) soared on Thursday?
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Highlights

  • Aridis said it received funding from Bill & Melinda Gates Foundation.

  • The funds will be used to evaluate inhaled monoclonal antibodies.

  • The ARDS stock returned over 30% gains in the past five days.

The stocks of Aridis Pharmaceuticals Inc. (NASDAQ: ARDS) caught the eyes of investors on Thursday after the company said it received funding from the Bill & Melinda Gates Foundation to evaluate the application of inhaled monoclonal antibodies in patients suffering from influenza and covid.

The Los Gatos, California-based biopharmaceutical firm develops targeted immunotherapy using human monoclonal antibodies for treating severe infections.

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On Thursday, Aridis said it received US$1.9 million from the Gates foundation to evaluate the application of its cost-effective inhaled formulation technology.

The monoclonal antibodies (mAbs) are used for treating patients suffering from influenza and SARS-CoV2 in low and middle-income countries.

The antibodies are created using a novel, spirulina-based technology platform developed by Lumen Bioscience, a funding collaborator for the project.

Lumen’s platform can produce therapeutic proteins at a fraction of the cost of conventional mammalian cell line technologies.

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Aridis Pharmaceuticals soars over 25% after receiving funding from the Gates Foundation

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Aridis Pharmaceuticals Inc. (NASDAQ: ARDS): Stock performance, financials

The shares of ARDS were priced at US$2.19 at 9:18 am ET on January 27, up 25.86% from its previous close. Over the past five days, its prices surged 30.83%. The firm has a market cap of US$24.45 million, its forward P/E one year is -0.47, and the EPS is US$-3.79.

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The ARDS stock saw the highest price of US$8.47 and the lowest price of US$1.13 in the last 52 weeks. Its trading volume on January 26 was 1,468,205.

The company reported revenue of US$515,000 in Q3, FY21. It reported zero revenue in the third quarter of the previous year. In addition, its net loss was US$21.00 million against a loss of US$5.78 million in the comparable quarter of the last year.

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Bottomline

The US$1.9-million award will fund the preclinical development of stabilized liquid aerosols and inhalable dry powders. They contain anti-influenza and anti-SARS-CoV2 monoclonal antibodies created from spirulina algae.

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