Stock Alert: Moleculin Shares Up 38% In Premarket On Production Deal For COVID-19 Candidate WP1122

(RTTNews) - Shares of Moleculin Biotech Inc. (MBRX) are suring over 38% in pre-market today, following the company's agreement with Sterling Pharma USA LLC for US production of WP1122 to support its expanded development efforts in preparation for submitting the FDA request for Investigational New Drug or IND status for WP1122 for the potential treatment of COVID-19.

Walter Klemp, Chairman and CEO of Moleculin, said, "We are expanding our planned preclinical studies for the IND, including testing multiple analogs of WP1122 against various viruses in vitro, and potentially, in vivo. The latter will be difficult to time due to the current high demand for in vivo testing for the treatment of COVID-19. Our contract with Sterling Pharma Solutions should help provide us with sufficient product to support this increased use in combination with our expected clinical trials."

The stock has been trading in the range of $0.32 - $1.97 for the past one year, and closed Tuesday's trade at $0.7850, down 2 cents or 2.01%. MBRX is currently trading at $1.09, up 31 cents or 38.85% in the pre-market session.