Medesis leaps as much as 75% as it seeks funding for anti-nuclear drugs

Medesis Pharma SA

05/04/2022 12:09

(Adds comment, updates share move)
    ** Shares in French biotech firm Medesis Pharma  ALMDP.PA 
soar 72% after it says it has requested defence funding to speed
up its development of three drugs to treat nuclear contamination
 urn:newsml:reuters.com:*:nL2N2W30HD
    ** Medesis' stock shot up as much as 75% in early trading,
triggering multiple trading halts from Euronext 
    ** The stock is on track for its best ever single day
performance, but at 5.30 euros remains below its 6.76 euros IPO
price 
    ** The company did not say how much funding would be needed,
but gave itself indicative 12- to 18-month deadlines for product
registration and manufacturing
    ** "The world has realised, with the tragic events in
Ukraine and notably the bombing near a power station, that the
nuclear threat is still very much alive," says Invest
Securities' deputy managing director Pascal Hadjedj
    ** The strong jump is also partly due to an excessive fall
following the firm's IPO in Feb. 2021, adds Hadjedj
    ** Invest Securities' analyst Jamila El Bougrini notes the
importance of avoiding an "extreme situation" by readying
anti-nuclear stocks, particularly after the COVID-19 pandemic
saw health systems woefully under-prepared 
    ** Medesis' treatments could be developed rapidly and result
in stockpile orders, adds Rx Securities' managing director Samir
Devani

 (Reporting by Juliette Portala and Sarah Morland)
 ((juliette.portala@tr.com))