Rigel Pharmaceuticals (RIGL) Stock Rockets On Potential COVID Treatment

Rigel Pharmaceuticals RIGL Stock News

Rigel Pharmaceuticals, Inc. (NASDAQ: RIGL) is running for the top in the market this morning, and for good reason. The company announced that it is launching an investigator-sponsored clinical program in COVID-19. Here’s what’s happening:

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RIGL Stock Is Running For The Top On COVID-19 News

In the press release, Rigel Pharmaceuticals said that it has initiated an investigator sponsored trial surrounding the evaluation of fostamatinib. The treatment is assessed as a potential option for patients with COVID-19 related pneumonia.

Fostamatinib is currently marketed in the United States as TAVALISEE and is approved in the United States and Europe as a treatment for adult chronic immune thrombocytopenia.

In the release, RIGL said that the hallmark of severe COVID-19 is hypoxemia and a radiological pattern of acute lung injury, sharing features with ARDS. The company believes that by inhibiting SYK, fonstamatinib may specifically inhibit the infiltration and activation of monocytes and neutrophils in the lungs that are prominent in COVID-19.

In a statement, Raul Rodriguez, President and CEO at RIGL, had the following to offer:

The COVID-19 global pandemic continues to extract a significant human and economic toll and there remains a serious and immediate need for safe and effective therapies. Severe COVID-19 pneumonia can lead to acute respiratory distress syndrome, or ARDS, which can often be fatal. Given encouraging data from pre-clinical models of fostamatinib, we believe there is potential for SYK inhibition to help treat the severity of the disease for these patients and to prevent ARDS.

We are pleased to be able to support the exciting work being done by our colleagues at Imperial College London. Their efforts will be valuable as we explore fostamatinib in COVID-19 and pursue our plans for a Rigel-led study.

This News Is Huge

As COVID-19 continues to come back and the United States opens its economy, there’s a dire need for treatments, testing, PPE, and vaccines. After all, these are the weapons that will allow us to win the fight against the pandemic.

With RIGL announcing that its treatment may be effective and shows such promise that a third party is willing to foot the bill to test the treatment, the stock is one that’s worth watching closely.

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