Why Tyme Technologies Shares Are Surging Higher

Tyme Technologies Inc TYME shares are nearly doubling on above-average volume Wednesday.

Tyme, which focuses on developing cancer metabolism-based therapies, said the U.S. Patent and Trademark Office has granted additional patent claims related to its metabolomic technology platform.

The patent is related to the use of the company's investigational asset TYME-19 to treat COVID-19.

"TYME-19 affects cellular metabolism. It constrains viral replication after a virus has inserted its genetic blueprint into an infected cell by inhibiting the ability of the virus to use the cells synthetic apparatus to make viral proteins and lipids," the company said.

Tyme said it plans to initiate appropriate clinical trials to substantiate the safety and efficacy of TYME-19.

At last check, Tyme shares are soaring 88.46% to $3.43.