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Stock Alert: ARCA Biopharma Surges 175% On News Of COVID-19 Treatment

Shares of ARCA biopharma Inc. (ABIO) soared nearly 175% on Thursday morning after the company announced a program for COVID-19 treatment.

ARCA Biopharma is launching a new development program surrounding AB201, a potent selective inhibitor of tissue factor, as a potential treatment for COVID-19 associated coagulopathy and the related inflammatory response, the company said in a statement.

COVID-19 associated coagulopathy is one of the most serious side effects seen in COVID-19 patients. AB201 has undergone clinical testing in a Phase 2 trial including more than 700 patients. The treatment has generated substantial safety data that the company said could speed up the development process.

Michael Bristow, ARCA's CEO, said, "The combination of anticoagulation, anti-inflammatory effects and antiviral activity have the potential to make AB201 a unique therapeutic to treat patients afflicted with COVID-19 while vaccine development is underway and for patients for whom a vaccine is not effective."

ABIO is currently trading at $10.83, $6.88 or 174.18%, on the Nasdaq.

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