ElectroCore Inc. (NASDAQ: ECOR) shares absolutely exploded on Friday after the company announced an update for its COVID-19 treatment. This firm joins the growing list of companies looking to fight the novel coronavirus, whether through testing, vaccines or treatment.
Specifically, the company announced that it has submitted an Emergency Use Authorization (EUA) application to the U.S. Food and Drug Administration (FDA) to facilitate the study and clinical use of its gammaCore Sapphire non-invasive vagus nerve stimulation therapy (nVNS) for respiratory symptoms associated with COVID-19.
The EUA includes data from early clinical and nonclinical work that examined the use of the company’s VNS, including noninvasive therapy, in several pilot studies that involved patients with a variety of respiratory disorders. These studies suggest a possible benefit for patients with respiratory distress associated with COVID-19.
Additionally, gammaCore’s strong safety and tolerability profile suggest that it would be safe to study or use in patients with COVID-19.
Previously, electroCore received CE Mark in the European Union for gammaCore in certain respiratory indications, including for the treatment or prevention of symptoms of reactive airway disease, which includes asthma, bronchoconstriction, exercise-induced bronchospasm, and chronic obstructive pulmonary disease (COPD) in adults.
Peter Staats, MD, MBA, co-founder and chief medical officer of electroCore, commented:
In the face of the current pandemic, we all have a responsibility to explore any treatment that could help patients suffering from COVID-19. Data from multiple pilot studies in patients with respiratory conditions, such as asthma and chronic pulmonary obstructive disorder, along with the possible method of action of nVNS, suggests that gammaCore could provide some needed relief in critically ill patients with COVID-19.
ElectroCore stock traded up on Friday about 74% to $1.30, in a 52-week range of $0.32 to $6.54. The consensus price target is $3.88.
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