Over the course of the past weeks, many biotech stocks have managed to garner handsome gains on the back of their work on producing coronavirus vaccines and medicines. This morning, Edesa Biotech Inc (NASDAQ:EDSA) has emerged as an early winner from among biotech stocks after a significant development with regards to its COVID 19 treatment EBO5.
Launch of COVID-19 Study
It emerged this morning that Edesa has filed an IND application with the United States Food and Drug Administration for initiating Phase 2/3 of the clinical studies of EBO5 on hospitalized coronavirus patients. It goes without saying that this is a significant development for Edesa and the market recognized that as well.
The stock has soared by as much as 150% this morning so far and it will be interesting to see if it can add its gains through the day. Considering the gains made by the Edesa stock this morning, it could be worthwhile for investors to keep a close eye on the stock.
It has emerged that Edesa is aiming to enroll as many as 450 patients in the first phase and in that phase of the trial, the patients are going to be administered with one dose of either placebo or EBO5.
It is also important to note for potential investors that Edesa has already received expedited approval to start its Phase 2/3 clinical studies. In addition to that, the company is also looking for a grant from the Canadian government in order to commence the enrolment of patients. In the statement that was released by the company today, Edesa noted that the treatment could help in reducing the number of patients in the intensive care unit and also reduce the dependence on mechanical ventilation.
Hence, eventually, a number of lives could be saved by way of EBO5. The safety and tolerability profile of the product has already been formed in more than 120 patients. That is another important milestone for Edesa. Sign up below and stay tuned for additional updates.