Recce Pharmaceuticals (RCE) broke out of a trading halt and soared today after revealing positive anti-COVID results from its RECCE-327 (R327) product
The drug is being tested against SARS-CoV-2, which is the virus that causes COVID-19, as part of a CSIRO and Doherty Institute screening program
Recce says the drug showed "encouraging inhibition" of the virus and, as such, will now be progressing to the next stage of testing
This stage will include some confirmatory in-vitro testing and a cytotoxicity assessment for R327
While Recce stresses that the testing is only preliminary, Chairman Dr John Prendergast still says the company is highly encouraged by the resultsInvestors seem encouraged, too, with Recce shares tacking on a neat 14.21 per cent this afternoon to close worth $1.08 each
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