Yesterday, Altamira Therapeutics Ltd. (CYTO) saw a huge uptick after it announced the publication of its Covid-19 nasal spray data in IJMS. The stock rallied by over 55% in the regular trading session to mark the close of the day at $1.66 apiece.
In today’s premarket session on April 12, CYTO has succumbed to corrections and is falling down. At the time of writing, the stock had declined by 8.43% to reach $1.52 in the premarket.
CYTO’s Covid-19 Nasal Spray
In 2021, the company started the clinical development of its drug-free nasal spray BentrioTM against SARS-CoV-2 and its variants in addition to other viral and allergic infections.
As per the latest updates, the International Journal of Molecular Sciences (IJMS) published a peer-reviewed paper regarding CYTO’s positive research findings of in vitro efficacy and safety of Bentrio against the Delta variant. The major findings of the study included:
- Significant reduction of viral titer against controls over 4 days.
- Maximum reduction of 99% with wild-type SARS-CoV-2 variant
- 83% Reduction with SARS-CoV-2 Delta variant
- 12-fold reduction in viral titer in administration after 24 hours of the infection
Recently, the company had also announced positive efficacy data of Bentrio against the Omicron variant in another study.
Additionally, in March 2022 CYTO initiated another study of the nasal spray in acute Covid-19 patients.
The outbreak of Covid-19 while wreaking havoc on the world, also gave rise to numerous new opportunities. In the field of healthcare, the global Covid-19 therapeutics market was the outcome. Emerged only in late 2019 or more appropriately in 2021, the global Covid-19 market is expected to grow at a CAGR of 10.7%.
Recently, the current vaccines and boosters for the virus were deemed to have very low efficacy with time. Moreover, proper treatment and preventative drugs are yet to be discovered. There is a huge gap in the new market that is yet to be addressed and fulfilled.
Altamira is one of the companies that is working on developing a potential treatment for Covid-19. Its Bentrio nasal spray has so far shown promising results in multiple studies while other studies are still ongoing. Already in the marketplace in select European countries, the drug-free nasal spray is soon to be available in the first Asian countries as well.
On Monday, CYTO stock rallied big on data publication of its Covid-19 nasal spray. But the uptick was followed by a correction in today’s premarket as the stock began shedding its gains.