A Burnaby pharmaceutical company’s stock nearly doubled over the weekend following a decision by the FDA to use one of its experimental drugs to treat the Ebola virus.
Tekmira Pharmaceuticals’ stock reached $25.84 on the TSX on Monday, just days after the FDA changed its stance on the drug from a full clinical hold to a partial hold, allowing it to be used on patients infected with the virus. The drug will be used to fight the outbreak of Ebola in West Africa, which has already reached a death toll of more than 1,000 people, according to the World Health Organization.
“We have been closely watching the Ebola virus outbreak and its consequences, and we are willing to assist with any responsible use of TKM-Ebola,” said Tekmira CEO and president Dr. Mark Murray in a statement. “The foresight shown by the FDA removes one potential roadblock to doing so.
“This current outbreak underscores the critical need for effective therapeutic agents to treat the Ebola virus. We recognize the heightened urgency of this situation, and are carefully evaluating options for use of our investigational drug within accepted clinical and regulatory protocols.”
The boost was short-lived as the company’s stock dropped 18 per cent on Tuesday.
Tekmira began testing the drug in humans in January and was granted a “Fast Track” designation by the FDA in March “to facilitate the development and expedite the review of drugs in order to get important new therapies to the patient earlier.”
