[Market Focus] Shinpoong Pharmaceutical Surges for Second Day on News of European Patent Related to COVID-19

Shinpoong Pharmaceutical has shown strong performance for two consecutive days.

As of 9:05 a.m. on June 18, Shinpoong Pharmaceutical was trading at 16,260 won, a sharp increase of 26.93% (3,450 won) compared to the previous day. After hitting the upper price limit the previous day, the stock continued its strong rally for a second day. At the same time, Shinpoong Pharmaceutical Preferred shares also reached the upper price limit at 46,450 won.

Previously, Shinpoong Pharmaceutical announced on June 16 that the "pharmaceutical composition for the prevention or treatment of epidemic RNA virus infectious diseases" of "Pyramax," a malaria treatment, received a patent from the European Patent Office (EPO) on June 13. According to the company, this means that the efficacy of the drug has been recognized not only for COVID-19 but also for respiratory infectious diseases related to coronaviruses, such as SARS (Severe Acute Respiratory Syndrome) and MERS (Middle East Respiratory Syndrome).

Yoo Jeman, CEO of Shinpoong Pharmaceutical, stated, "The novelty and advancement of Pyramax as a treatment for COVID-19 have been recognized, which has laid the foundation for securing global rights. Based on the clinical results currently being finalized, we will discuss the possibility of expanding indications with the Ministry of Food and Drug Safety to help patients suffering from COVID-19, and we will do our best to make a substantial contribution to responding to global health crises through continuous research."