Stock Alert: CNS Pharma Jumps 55% On Potential COVID-19 Treatment

(RTTNews) - Shares of CNS Pharmaceuticals, Inc. (CNSP) are gaining over 55% on Thursday morning after it announced that its collaboration with WPD Pharmaceutical is set to develop potential candidates for COVID-19 treatment.

Thinly-traded nano cap CNSP is currently trading at $4.30, up $1.55 or 56.36% on the Nasdaq.

CNS Pharmaceuticals announced collaboration with WPD Pharmaceuticals to develop several preclinical COVID-19 candidates, including WP112, which will be tested on a range of viruses including the coronavirus SARS-CoV-2.

WPD has licensed rights to a portfolio of drug candidates, including WP1122, through its license partner, Moleculin Biotech Inc. (MBRX).

Shares of Moleculin Biotech had surged about 165% on Wednesday morning after the biotechnology company announced that independent research found 2-deoxy-D-glucose to reduce replication of SARS-CoV-2, the virus that causes COVID-19, by 100% in in vitro testing.

"We are excited with this breakthrough on our WP1122 drug candidate and the early implications are that it could have positive effects on reducing the spread of COVID-19," commented Mariusz Olejniczak, CEO of WPD. "I would like to commend our license partner, Moleculin and the researchers at the University of Frankfurt for their expedited work and the willingness of the authors to pre-release this data will help support our development of WP1122 for treating COVID-19."