Auris Medical Holding Ltd. (NASDAQ: $EARS) takes everyone by surprise as they announce incredibly positive results from their in vitro clinical trials of a nasal spray that could protect against COVID-19.
Auris Medical Holding Ltd. (NASDAQ: $EARS), is a clinical-stage company dedicated to developing therapeutics that address important unmet medical needs in neurotology, rhinology, and allergy and CNS disorders.
In other words, a biotech company specializing in researching head and neck therapies.
Their shares skyrocketed more than 450% on December 01, 2020, as they announced their phase II clinical results for a nasal spray that could protect against COVID-19.
With that news, $EARS has now officially entered the fight against COVID-19. So far the company managed to pass under the radar of many of the headline-chasing-investors.
In fact, the company had already in September 2020 announced positive early indications for the drug-free nasal spray AM-301.
“Our first experiments in September showed that AM-301’s key component trapped up to 99% of Sars-CoV-2 when brought into contact with a viral suspension. Now, 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.”
– Thomas Meyer, founder, Chairman and CEO.
AM-301 was tested for its capability to prevent or mitigate SARS-CoV-2 infection of nasal epithelial cells, which are part of the nasal mucosa and the first barrier against continuously inhaled substances such as pathogens and allergens.
The excitement about, and commercial potential of the AM-301 nasal spray, lies in the gray period between now and when the whole world gets vaccinated against COVID-19. Surely we do have a vaccine, multiple really, with only a matter of time before many more start rolling in. The only issue is distribution.
It’s a logistical nightmare to vaccinate the whole world’s population – and the tedious handling of the vaccine is not making it any easier.
That’s why we would in the interim period greatly benefit from additional tools to fight off the virus. Auris Medical is hoping to be able to get the approvals for their nasal spray already early next year. Potential treatments with the spray have shown to significantly reduce the presence of the virus in infected persons.
- 48 hours post-infection, average virus titers were 90.0% lower than those observed in controls (p<0.05).
- 72 hours and 96 hours post-infection, average virus titers were 99.2% and 99.4% lower, respectively (p<0.001).
Beyond the nasal spray, the company is working on developing a very interesting pipeline of different head and neck specialized therapies – two of which are in the final phase.
Auris Medical also used this opportunity to raise funds from institutional investors, by issuing additional 2,000,000 common shares through a Registered Direct Offering at $4.00 per share.
Aiming at $8M USD the company intends to use the net proceeds for working capital and general corporate purposes. The offering is expected to close around December 04, 2020.