[Featured Stock] 'Chloroquine' Reviewed as COVID-19 Treatment in US, Clinical Trials Begin in Korea... Hwa-il Pharm and Others Hit Upper Limit
[Asia Economy Reporter Minwoo Lee] As news emerged that clinical trials are starting in South Korea to determine the potential of the malaria prevention drug 'Chloroquine,' which the U.S. government is considering as a treatment for the novel coronavirus infection (COVID-19), related pharmaceutical companies' stock prices are on the rise.
According to the Korea Exchange on the 23rd, Hwail Pharmaceutical is trading at 6,600 won as of 10 a.m., up to the daily price limit increase of 29.9% compared to the previous trading day. BC World Pharm is up 21.3% at 22,200 won, and Shinpung Pharmaceutical is showing a 12.6% increase at 88,860 won.
The day before, on the 22nd, the Ministry of Food and Drug Safety approved the clinical trial plan submitted by Seoul Asan Medical Center to verify the COVID-19 treatment effects of the antiviral drug 'Kaletra' and the malaria treatment drug 'Hydroxychloroquine,' which appears to have driven up the stock prices of chloroquine manufacturers.
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Earlier, U.S. President Donald Trump also stated at a COVID-19 task force (TF) press conference on the 19th (local time) that they are reviewing whether 'Chloroquine' can be used as a treatment for COVID-19. However, it has not yet been approved.
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