Merry men move in after Kodak wins A$1bn drug production loan

Bloomberg has reported a 2441 per cent surge in Kodak's shares after it won a US$7865 million (A$1093.32 million) government loan to help make ingredients for generic medicines for the COVID-19 fight.

Among drugs supported by the loan - the first of its kind under the Defence Production Act - is hydroxychloroquine, the antimalarial drug controversially supported by president Donald Trump.

Despite "at least six halts," Kodak shares gained 655 per cent on Wednesday, with more than 110 million shares changing hands, taking the company's value to US$1.99 billion (A$2.77 billion).

Almost 79,000 users of the Robinhood investing app were reported to have used it to buy the stock.

Early in the pandemic, Kodak had been quick to help with isopropyl alcohol for hand sanitiser, delivering tanker loads from its Eastman Business Park facility and promising to continue to work closely with New York and federal representatives to identify other ways to bring its resources and technology to the fight.

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