Why the PYC Therapeutics (ASX:PYC) share price is up 11% today

The PYC Therapeutics share price is higher today after the company announced that it has added another drug to its pipeline.

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Today, the PYC Therapeutics (ASX: PYC) share price is up 11.11% to 20 cents at the time of writing. The surge in the PYC Therapeutics share price came after the company added a new drug to its pipeline.

What was the announcement?

PYC Therapeutics has added a new drug to its pipeline for the treatment of ‘Autosomal Dominant Optic Atrophy’ (ADOA) caused by mutations in the OPA1 gene. The disease causes blindness and, according to PYC Therapeutics, it affects 1 in every 30,000 people. The company has also advised that no treatment is currently available for this type of ADOA, with those suffering from the disease losing vision rapidly in childhood and early adolescence. 

The new drug, known as VP-002, works by correcting a protein deficiency in cells which are affected by the OPA1 type of ADOA. The company expects the drug to have a rapid path into clinical development due to synergies across its existing drug programs. The drug will utilise the same proprietary delivery method as other drugs in PYC Therapeutics’ pipeline. The company has stated that it is in the pre-clinical stages of developing a technology for the delivery of drugs directly into the retina for blinding eye diseases. According to PYC Therapeutics, it will also use its existing ‘backbone’ chemistry to develop VP-002.

About the PYC Therapeutics share price

PYC Therapeutics is a pharmaceutical company which is developing a range of drugs that can be injected directly into cells. The drug maker has been listed on the ASX since 2005.

On 6 October 2020, PYC Therapeutics made an announcement that it had added another drug to its pipeline. The new drug is intended to treat diabetes-related retinopathy and age-related macular degeneration which, according to the company, are the two leading causes of blindness globally.

In the year to 30 June 2020, PYC Therapeutics posted a loss of 0.26 cents per share. The company had $7.24 million cash on hand at 30 June 2020.

The PYC Therapeutics share price is up 365.12% since its 52-week low of 4.3 cents and is up 233.33% since the beginning of the year. The PYC Therapeutics share price is up 233.33% since this time last year.

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