Auris Medical skyrockets 480% after announcing lab-test results that show its nasal spray could protect against Covid-19 (EARS)

Brendan McDermid/Reuters

• Auris Medical soared as high as 480% on Tuesday on news that its nasal spray, AM-301, could potentially protect against the coronavirus.
• The clinical stage company tested its spray on human nasal cells in a lab, and found that cells treated with AM-301 right before inoculation of the coronavirus saw effective protection.
• In cells treated with the spray, the amount of coronavirus was 90% lower than control groups 48 hours after infection.
• Watch Auris Medical trade live here.

Auris Medical soared as high as 480% on Tuesday after it announced lab-test results that show its nasal spray could protect against the coronavirus. Shares of the Bermuda-based clinical stage company are now trading at over $5 per share, after closing at just $1.1 on Monday.

Auris tested its nasal spray, AM-301, on human nasal cells reconstituted in a lab. Auris found that cultures treated with AM-301 right before inoculation with the coronavirus saw effective protection against the virus.

 48-hours post-infection, the amount of the virus was 90% lower than those observed in controls. 72 hours post-infection, the virus was 99.2% lower. In saline-treated control cultures, the coronavirus replicated efficiently.

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"With our newly developed spray formulation, we have direct evidence that AM-301 has the potential to significantly mitigate the risk of infection of nasal mucosal cells," said Auris Medical CEO Thomas Meyer. 

Meyer said that Auris Meyer will take AM-301 through additional tests and looks to submit to regulatory applications in 2021. 

AM-301 is a drug free nasal spray being developed by Auris' affiliate, Altamira Medica.

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