Aridis Pharmaceuticals, Inc. (ARDS) stock surged 42.13% in the current-market trading session at the price of $3.61 after announcing the highly reactive nature of its AR-701 against Omicron and other COVID-19 variants.
ARDS discovers, develops, and commercializes novel anti-infective therapies to treat fatal viruses. Using its ʎPEXTM and MabIgX technology, the company identifies potent antibody-producing B-cells and manufactures monoclonal antibodies to address infections.
Effectiveness of AR-701 Against Omicron
On 21st December 2021, ARDS disclosed that its monoclonal antibody (mAb) AR-701 is highly reactive against the Omicron and other COVID-19 variants. AR-701 is also broadly effective against Middle East Respiratory Syndrome Coronavirus (MERS), Severe Acute Respiratory Syndrome (SARS), and seasonal cold human coronaviruses.
Chief executive officer of ARDS, Vu Truong, remarked that the Omicron variant had rendered COVID-19 vaccines and monoclonal antibodies less effective. The other variants will keep on emerging that continue the search for more vaccines. AR-701 resulted from their successful search for a mAb antidote against a conserved region of the virus that would be less vulnerable to new variants such as Omicron.
The data demonstrate that AR-701 has the potential of protection against SARS-CoV-2, MERS, or SARS pandemics. AR-701 is the only SARS-CoV-2 therapy that checks diverse viral mechanisms of action. It makes it harder for the virus to develop resistance and provides a combination of high efficacy and broad reactivity, Dr. Truong concluded.
ARDS Third Quarter 2021 Results
On 10th November 2021, ARDS published its financial and corporate results for the Q3 ended 30th September 2021. The company had cash and cash equivalents of $18.2 million on 30th September 2021. Grant Revenue grew to $0.4 million for the third quarter of 2021. License revenue also increased to roughly $0.1 million during the quarter.
ARDS has a net loss of $21.0 million, or per share of $1.94, for the three months ended 30th September 2021. For the same three months of 2020, net loss was $5.8 million, or per share of $0.65. Research and development costs were $19.8 million for the three months ended on 30th September 2021.