Huge cash-ins for Big Pharma, Big Tech on wave of Covid-19 pandemic
The coronavirus outbreak has left millions out of work and many bankruptcies in its wake, but pandemic misery for some has translated into literal gold mines for others.
Swiss biotech firm Relief Therapeutics, which hopes to repurpose its two-decades-old medicine known as aviptadil or RLF-100 against Covid-19, saw its stock price soar 40,000 percent this year on the domestic stock exchange, RT reported.
“Before the virus started wreaking havoc across the globe at the beginning of 2020, it was trading at 0.001 Swiss francs per share.”
Its stock hit the historic peak of 0.8 Swiss francs per share in August, after the Geneva-based drug company and its US-Israeli partner NeuroRx announced that critically ill Covid-19 patients recovered rapidly from respiratory failure after three days of treatment with RLF-100.
