Coronavirus Positive check outcomes on coronavirus drug make professors millionaires a day – The vaccine and drug race has additionally sparked insider gimmicks, says The New York Times

Medical a breakthrough hardly ever occurs at a given moment. On the contrary, it is preceded by years or decades of work in which knowledge is accumulated through the achievements of several researchers.

But sometimes one test result can be revolutionary – at least in economic terms.

This seems to have happened earlier this week. Preliminary test results were released on Monday that showed a preparation called SNG001 to facilitate recovery from covid-19 disease caused by the coronavirus.

The product was originally developed by three medical professors at the University of Southampton, Ratko Djukanovic, Stephen Holgate and Donna Davies. They also set up a company around this product called Synairgen in the early 2000s.

He tells about it British newspaper Guardian.

When the preliminary test results were released, this was followed by a rocket-like rise in the company’s stock. At the same time, the value of the assets of the three professors swelled so that they became millionaires.

During the morning, the value of Synairgen’s shares had more than quintupled. Throughout the day, Djukanovic’s holding rose from £ 300,000 to around £ 1.6 million, or around € 1.8 million, according to the Guardian. Holgate and Davies ’holdings rose to roughly equal readings, the Guardian says.

The value of the company’s share was around £ 202 on Friday, up from around £ 11 a year ago.

similar rocket-like increases have been seen during the pandemic in several biotechnology and pharmaceutical companies developing either a coronavirus vaccine or drug.

Many of the companies’ insiders have benefited enormously from the share gains.

According to The New York Times at least eleven of the company’s insiders, such as board members and executives, have earned their shares by selling more than a billion since March. Some of the profits have come when insiders have sold their shares after the share value hurt to peak levels.

There is nothing illegal about well-timed trading, but it can create the impression that company insiders utilize information hidden from the public to maximize their own profits, the magazine writes.

magazine according to some companies have also straightened out bends when it comes to government programs and funding. In addition to the positive test results, access to the support program or cooperation with the authorities have boosted the companies’ share prices.

For example, a 15-employee Californian Vaxart has been incited to become part of the president Donald Trumpin administration’s Warp Speed ​​program, although it has not received significant funding from it.

News of the program, however, raised the value of Vaxart’s stock, and its largest single owner, a New York-based so-called hedge fund, made huge profits from it.

A week before the Warp Speed ​​news was announced, the fund increased its stake in Vaxart and then sold shares after the news had boosted their value. In this way, the fund earned itself more than $ 197 million, the New York Times says.

According to the newspaper, the two directors of the fund are also on Vaxart’s board.

Two the project has recently rushed to the top in a vaccine against coronavirus.

The first results of the second phase of human experiments in projects developed by both Oxford University and Chinese researchers were published in late July. Both elicited the desired immune response.

The University of Oxford is developing the vaccine together with the pharmaceutical company Astra Zeneca. The Chinese researchers project is a joint venture between the Chinese company Can Sino and the Chinese military.

Both the joint vaccine between the Chinese company Can Sino and the Chinese military and the vaccine developed by Oxford University and Astra Zeneca elicited the desired immune response. No one experienced serious side effects from the vaccines.

Sao Paulo State Governor Joao Doria was holding a potential coronavirus vaccine from a Chinese manufacturer.

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