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FDA Approves Limited Use of Drug for Ebola
- Updated: August 8, 2014
Tekmira Pharmaceuticals, a Canadian biotech company announced that the U.S. Food and Drug Administration eliminated an important roadblock for the use of TKM Ebola its medicine so it can reach some patients.
The U.S. regulatory agency moved TKM from being on full hold to partial hold, which means that Tekmira is able to use the medication in limited experiments.
In a statement, Tekmira said they were pleased that the U.S. FDA considered the TKM Ebola risk reward for patients that are infected.
We have closely watched the outbreak of Ebola virus and its complete consequences, and we want to assist with any use that is responsible of TKM-Ebola.
The stock at the company spiked on Friday by close to 30%, sending the shares to their highest price since early April.
Investors have wanted to find a way to add money to the Ebola cure. Shares spiked by 40% over the past few days as news of the drug by Tekmira became better known.
However, the stock dropped back after officials at the hospital at Emory University that is treating two patients with Ebola used drugs from another company.
Investors believe that the drug could still be a huge moneymaker for the Canadian pharmaceutical company and the upgrade by the FDA in its status is viewed as additional confirmation of the treatments potential.
One analyst said that the rapid and sudden spread of Ebola earlier in the week moved officials to try a number of treatments for Ebola still in development so the Tekmira drug still has the opportunity to have a big payday.
The company is in possession of a contract worth $140 million with the Department of Defense in the United States. The Defense department’s biodefense unit is working with Tekmira on the development of TKM-Ebola.