Diffusion Pharmaceuticals Inc DFFN shares were more than doubling Wednesday following an announcement by the company regarding testing of its lead asset for COVID-19-related complications.
The Charlottesville, Virginia-based company said it has begun a cooperative research effort with University of Virginia Health and the Integrated Translational Research Institute of Virginia to evaluate its Trans Sodium Crocetinate, or TSC, in patients with acute respiratory distress syndrome, or ARDS, associated with COVID-19 infection.
Patients with COVID-19 infections are at risk for developing ARDS, which can lead to death from a general lack of oxygen to body tissue and vital organs.
The oxygen-enhancing mechanism of action of TSC, according to Diffusion, could benefit COVID-19 patients by mitigating multiple organ failure.
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Diffusion said it is evaluating TSC in the clinics for other enhanced-oxygen-related uses including the treatment of acute stroke and glioblastoma multiforme brain cancer.
The company has started discussions with FDA to assess possible regulatory pathways for the evaluation of TSC in ARDS-related COVID-19 patients, according to the press release.
"In addition to UVA/iTHRIV, the Company has begun coordination with researchers from other institutions who have asked to participate in this new program. We have also begun discussions with the FDA. We will issue public updates as warranted by this fast-moving situation," CEO David Kalergis said in a statement.
The stock was trading 55.43% higher at 49 cents per share at the time of publication Wednesday.
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