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Capricor Therapeutics Shares Soar 250% On Successful COVID-19 Treatment News

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Capricor Therapeutics Shares Soar 250% On Successful COVID-19 Treatment News

Capricor Therapeutics Inc.’s (NASDAQ: CAPR) shares soared after data that pointed to a 100 percent survival rate in critical COVID-19 patients treated with new CAP-1002 cardiac cell therapy was released.

What Happened

Six critically ill COVID-19 patients were treated with CAP-1002, a new cell therapy currently being developed for the treatment of Duchenne muscular dystrophy (DMD). All the patients were treated at Cedars-Sinai Medical Center in Beverly Hills, California, and were suffering from acute respiratory distress syndrome (ARDS). Four of the six patients have now been discharged.

After a review of the available data, the U.S. Food and Drug Administration has approved Capricor’s expanded access protocol to treat up to 20 additional COVID-19 patients with CAP-1002.

Dr. Linda Marbán, the chief executive of Capricor, said in a statement, “CAP-1002 is an easy-to-deliver intravenous therapy that has been administered successfully to over 150 patients to date. Given its novel mechanism of action, it could be a potential game-changer in helping countless COVID-19 patients.”

Why It Matters

The company has reported no adverse effects related to the infusion of CAP-1002 from among the six COVID-19 patients.

Four of the six patients no longer required ventilator support within 1-4 days of receiving the CAP-1002 treatment.

Capricor shares closed more than 250% higher on Wednesday, the same day the treatment data was released. 

The clinical-stage biotechnology company, which had a minuscule market cap of $10.16 million at the beginning of April, was predicted to achieve a triple-digit market capitalization by analysts. At press time, the company’s market cap stood at 101.95 million.

Price Action

Capricor Therapeutics shares traded 3.65% lower at $8.19 in the after-hours session on Wednesday. The shares had closed the regular session 252.70% higher at $8.50.

 

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