Shares of BioCryst Pharmaceuticals (NASDAQ:BCRX) rose over 20 per cent Monday, after reports on Saturday stated that the China Food and Drug Administration had approved production of the company’s drug Peramivir in order to treat the latest strain of bird influenza in the country.
BioCryst’s shares were lately up 21.17 per cent to $2.06.
According to reports citing China’s FDA website, the statement said that it was approving production of BioCryst’s intravenous anti-influenza drug Peramivir "to satisfy demand”, based on the fact that the drug is "effective and provides an alternative to patients who cannot inhale or take drugs orally” when treating the H7N9 bird flu virus.
As of Saturday morning, China had confirmed 16 H7N9 cases, with six people dead.
BioCryst designs and develops drugs that block enzymes involved in the pathogenesis of diseases. The company’s Peramivir product is a neuraminidase inhibitor for the treatment of patients with influenza.
It is also developing inhibitor drugs for the treatment of gout and hematological malignancies.
Reported by Proactive Investors 30 minutes ago.