[Featured Stock] Shinpung Pharmaceutical Rises on Confirmation of Piramex's 99% Inhibition of COVID-19 Virus

[Asia Economy Reporter Minwoo Lee] Shares of Shinpung Pharmaceutical are on the rise following news that its antimalarial drug product has reconfirmed its inhibitory effect against the novel coronavirus infection (COVID-19).

As of 10:50 AM on the 3rd, Shinpung Pharmaceutical's stock price is trading at 15,150 KRW, up 27.85% from the previous day.

This appears to be due to reports that Shinpung Pharmaceutical's antimalarial drug 'Piramex' is being considered for drug repurposing as a COVID-19 treatment. Drug repurposing is the process of developing an already approved existing drug into a new treatment.

Shinpung Pharmaceutical confirmed through in vitro tests on infected cells that the main components of Piramex, pyronaridine phosphate and artesunate, each have inhibitory effects on the COVID-19 virus. When the two components were combined, they observed a viral titer inhibition rate of over 99% after 24 hours, with sustained effects up to 48 hours, while cytotoxicity decreased. This result is superior to the control drugs chloroquine and lopinavir (a component of Kaletra). Chloroquine is a component recommended as a candidate drug for COVID-19 treatment.