Stock Alert: Chimerix Shares Up 35% In Premarket

(RTTNews) - Shares of Chimerix Inc. (CMRX) are surging over 35% in pre-market today, after the company announced initiation of a Phase 2/3 study of dociparstat sodium or DSTAT in COVID-19 patients with acute lung injury or ALI.

DSTAT is a glycosaminoglycan derivative of heparin with robust anti-inflammatory properties, including the potential to address underlying causes of coagulation disorders with substantially reduced risk of bleeding complications compared to commercially available forms of heparin.

The company noted that in a recent Phase 2 Acute Myeloid Leukemia (AML) study DSTAT was well tolerated with adverse events similar across DSTAT and control groups. DSTAT is an investigational agent, not yet licensed or approved for use.

Mike Sherman, Chief Executive Officer of Chimerix, said, "We had planned to evaluate DSTAT in several indications of high unmet need, including ALI from different causes. The pandemic intensified our focus on ALI associated with COVID-19. Our team has worked closely with critical care physicians treating COVID-19 patients and with the U.S. Food and Drug Administration (FDA) to develop a Phase 2/3 protocol to determine if DSTAT can reduce the need for mechanical ventilation and improve the rate of survival in patients with severe COVID-19 infection."

The stock has been trading in the range of $1.19 - $4.40 for the past one year, and closed Tuesday's trade at $1.51, down 2 cents or 1.31%. CMRX is currently trading at $2.05, up 54 cents or 35.76% in the pre-market trading session.