Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Respiratory drug discovery company Synairgen [LON:SNG] has this morning announced the results of a clinical trial on its SGN001 therapy. This is a treatment designed to mitigate the effects of COVID-19 amongst hospitalised patients. In a double-blind trial, 79% of recipients had a lower chance of developing severe disease compared to those patients who received the placebo. The drug prevented patients who were on oxygen from requiring ventilation, whilst recovery from the condition was also improved. The company’s share price hit a five year high in April of 78p, before closing on Friday at 36.5p.
Keeping with the pharma sector, GlaxoSmithKline [LON:GSK] has this morning announced it is buying almost 10% of CureVac, in a bid to accelerate the company’s work into antibody research programmes in infectious diseases. There’s more details in the filing published by GSK, but CureVac will be responsible for preclinical and clinical developments through Phase 1 trials, before handing over to GSK for commercialisation where appropriate.
Specialist recruiter SThree [LON:STEM], who focus on roles in science, technology, engineering and maths, have today published results for the six months to 31st May. Despite that focus however, COVID-19 has still taken a toll on performance, with revenues down 8% and operating profits down by almost a half. The downside was certainly weighted in the second quarter, with the note adding that Q1 saw record fees being delivered. The interim dividend has been suspended and the company notes that it has used government job retention schemes where appropriate.
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