Why the Clinuvel (ASX:CUV) share price is storming higher today

The Clinuvel Pharmaceuticals Limited (ASX:CUV) share price is storming higher on Tuesday after the release of an announcement…
The post Why the Clinuvel (ASX:CUV) share price is storming higher today appeared first on Motley Fool Australia. –

The CLINUVEL Pharmaceuticals Limited (ASX: CUV) share price is pushing higher on Tuesday following the release of an announcement.

At the time of writing the biopharmaceutical company’s shares are up 3% to $21.96.

What did CLINUVEL announce?

This morning the company provided an update on its plans to expand the use of its SCENESSE drug (afamelanotide 16mg) to treat xeroderma pigmentosum (XP).

XP is a disease characterised by an inborn insufficiency to repair DNA damaged by sun exposure. Patients develop frequent skin cancers from an early age, with most experiencing their first malignancy before adolescence, and must avoid all forms of UV exposure.

The disease has a high mortality rate, with a median life expectancy of 30 years. At present, XP treatment is limited to management of symptoms, in particular regular surgery to remove cancerous lesions. An estimated 1 in 450,000 individuals in Europe suffer from XP.

CLINUVEL has high hopes for SCENESSE, noting that it belongs to a group of hormones which have been shown to reduce UV-induced damage to DNA and assist in DNA regeneration.

It took a step closer towards finding out whether SCENESSE is a viable treatment for XP this morning when it announced that the first patient diagnosed with XP has been administered the drug under a Special Access Program.

Initially, the patient’s safety will be evaluated over six weeks of treatment. Following confirmation of the safety of the drug product in this patient, CLINUVEL will conduct two further studies as part of the DNA Repair Program. Both studies will evaluate the impact of treatment with SCENESSE on DNA damage and restoration.

CLINUVEL’s Clinical Operations Manager, Dr Pilar Bilbao, commented: “We seek to provide meaningful benefit to XP patients, and these results will serve a wider population of fair-skinned individuals at risk of developing skin cancers. The next 12 months will be exciting for many patients, their families, the clinical experts and our own teams.”

These stocks could rocket in a Post-COVID world (FREE STOCK REPORT)

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

In this FREE STOCK REPORT, Scott just revealed what he believes are the 3 ASX stocks for the post COVID world that investors should buy right now while they still can. These stocks are trading at dirt-cheap prices and Scott thinks these could really go gangbusters as we move into ‘the new normal’.

Find out the names of our 3 Post COVID Stocks – For FREE!

*Returns as of 6/8/2020

More reading

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post Why the Clinuvel (ASX:CUV) share price is storming higher today appeared first on Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!