Stock Alert: BioSig Down 10%; Acquires Anti-viral Agent That May Treat COVID-19

(RTTNews) - Shares of BioSig Technologies Inc. (BSGM) are currently down 10% on Wednesday morning.

The medical technology company announced that it acquired license for a broad-spectrum anti-viral agent that may treat COVID-19. The company did not disclose any financial details of the deal.

BioSig Technologies said its majority-owned subsidiary NeuroClear Technologies acquired the rights to develop a novel pharmaceutical to treat COVID-19.

The company said the anti-viral agent, Vicromax, in a preliminary internal review, demonstrated strong activity against COVID-19 in cell cultures in laboratory testing. In this analysis, Vicromax was added to a tissue culture assay for SARS-CO-2 coronavirus and an anti-viral effect was observed, which led to a reduction of over 90% of infectious viruses.

The company said it intends to pursue development of this agent for the treatment of COVID-19 through FDA-approved clinical trials.

The company aims to develop Vicromax and take it through clinical trials under a new NeuroClear subsidiary, ViralClear Pharmaceuticals, Inc.

BSGM is currently trading at $3.44, down $0.40 or 10.4%, on the Nasdaq.