RTTNews | Aug 24, 2020 10:25AM EDT

10:24 Monday, August 24, 2020 (RTTNews.com) - Shares of XBiotech Inc. (XBIT) are gaining over 12% on Monday morning after the U.S FDA authorized emergency use of antibody-rich COVID-19 therapy derived from convalescent patients.

XBIT is currently trading at $20.65, up $2.29 or 12.47%, on the Nasdaq.

XBiotech announced that the FDA issued an emergency use authorization for COVID-19 Convalescent Plasma as a COVID-19 treatment. This is a positive news for Xbiotech as the company has developed a test in collaboration with BioBridge Global to accurately detect human antibodies present in patient blood that specifically attack the COVID-19 virus.

BioBridge Global, which provides blood products to hospitals through its subsidiary, the South Texas Blood & Tissue Center, is using XBiotech's test to identify human bloods from patients that have recovered from COVID-19so called convalescent plasma. BioBridge utilizes the convalescent plasma to produce naturally immune blood products as treatment for patients hospitalized with the virus.

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