BerGenBio shares more than double on COVID-19 drug trial news

Oncoinvent ASA

29/04/2020 08:36

OSLO, April 29 (Reuters) - Shares of Norwegian
pharmaceutical company BerGenBio  BGBIO.OL  rose nearly 160% on
Wednesday after news that a drug it is developing has been
selected for a British trial of potential COVID-19 treatments.
    The purpose of the trial is both to save lives and get an
early indication of the drug's effectiveness in treating the
most vulnerable COVID-19 patients, the company said.
    "Bemcentinib has been selected as the first potential
treatment to be fast-tracked in a new UK national multi-centre
randomised Phase II clinical trial initiative," BerGenBio said
in a statement.
    The study will immediately commence in a test of 120
hospitalised patients, of which half will receive the drug and
the other half will receive standard treatment.
    The shares were up 158% in early trade to 54 Norwegian
crowns ($5.20). 
    At 0724 GMT they were trading at 41.25 crowns, up 99% from
Tuesday's close of 20.95 crowns.
   ($1 = 10.3773 Norwegian crowns)

 (Reporting by Terje Solsvik; editing by Jason Neely)
 ((terje.solsvik@thomsonreuters.com; +47 918 666 70))