Stocks began the morning deep in the red as investors continue to grapple with the implications of persisting inflation pressures and expectations of an aggressive Fed policy tightening campaign. Meanwhile, cases of monkeypox are escalating worldwide, forcing the CDC to raise its guidance. This morning the CDC announced it has stepped up its monkeypox alert to level 2, urging travelers to take extra precautions as global cases surpass 1,000.
Today’s featured company has been gaining attention as concerns about monkeypox outbreaks worsen in the U.S. and around the globe.
The small-cap vaccine maker Siga Technologies (SIGA), whose research has mainly been funded by the U.S. government to address the threat of biological weapons, has developed an antiviral known as tecovirimat or TPOXX, which the European Medicines Agency recently approved not only for monkeypox but also for cowpox and smallpox.
“As you might imagine, a number of the jurisdictions where cases are being found have contacted us and are interested in acquiring the drug as soon as possible,” Dennis Hruby, chief scientific officer at Siga Technologies, previously told Euronews Next. “Our drug will stop further progression of the disease and then allow your natural immune system to kick in and eradicate the virus,” he added.
On May 19th, the company announced that it had earned FDA approval for the intravenous form of TPOXX for the treatment of Smallpox, calling the IV formula “an important option for those who are unable to swallow the oral capsules of TPOXX.” Oral TPOXX is already being administered in the US, Canada, and Europe to treat smallpox, and the IV formulation was recently cited in the U.S. president’s budget request as being used to treat a patient in the U.S. with monkeypox, the company noted. SIGA’s share price has gained 40% over the past month. With TPOXX gaining hold around the globe and plenty of untapped potential, we’ll be keeping an eye on this stock in the weeks to come.
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