Stock Alert: Mallinckrodt Shares Up 14% In Pre-Market

(RTTNews) - Mallinckrodt plc (MNK) shares are rising over 14.65% in pre-market today, after the company and Novoteris announced that they have received clearance from Health Canada to start pilot trial of high-dose Inhaled Nitric Oxide therapy for COVID-19 infection and associated lung complications.

Mallinckrodt and Novoteris, today, announced that the Therapeutic Products Directorate of Health Canada has cleared the companies' joint pilot clinical trial, entitled "Inhaled Gaseous Nitric Oxide (gNO) Antimicrobial Treatment of Difficult Bacterial and Viral Lung (COVID-19) Infections" application to investigate the use of Thiolanox, a high-dose inhaled nitric oxide therapy for the treatment of patients infected with novel coronavirus (SARS-CoV-2) at Vancouver Coastal Health Authority facilities.

The investigative therapy employs Novoteris' Inhaled Nitric Oxide Delivery Device (INODD) and Mallinckrodt's high-concentration, 5000 PPM nitric oxide gas for inhalation canisters. The study will investigate the therapy's safety and effectiveness in treating COVID-19 and its associated lung complications. The companies expect to begin recruiting patients in the coming days.

The stock has been trading between $1.00 and $23.90 in the past one year, and closed Tuesday's trade at $1.98, down 27 cents or 12.00%. Trading volume was 6.62 million versus an average volume of 8.82 million shares.