Edesa Biotech Inc (NASDAQ: EDSA) is running for the top in the market this morning, trading on gains that are better stated in multiples than percentages. The gains come after the company announced that it has filed an IND surrouning a COVID-19 study. Here’s what’s going on:
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EDSA Stock Climbs On COVID-19 Study
In the press release, Edesa Biotech said that it has filed an investigational new rug application with the Unite States FDA. The application surrounds the initiation of a Phase 2/3 clinical study of EBO5.
In the stuy, the company plans on assessing EB05 as a potentail option for hospitalized COVID-19 patients. EDSA also reminded investors that it recently received approval to begin the Phase 2/3 clinical trial in Canada. As such, the company is seeking government funding to accelerate site selection and initiate patient enrollment.
Edesa said that it believes the drug could regulate the overactive immune response associated with ARDS, the leading cause of death in COVID-19 patients. The drug inhibits the mediator of inflammation responsible for acute lung injury.
In the release, EDSA said that it believes the treatment could reduce the number of ICU patients and decrease the need for mechanical ventilation, leading to lives saved. Moreover, the company has already made a huge step in the right direction, proving a favorable safety and tolerability profile in more than 120 patients.
In a statement, Dr. Par Nijhawan, CEO at EDSA, had the following to offer:
The submission of the IND for EB05 in COVID-19 patients marks a key step in our plans to extend our planned Phase 2/3 study. We have received positive interest from key opinion leaders regarding our proposed clinical trial and are communicating with hospitals across the country regarding our protocol.
Final Thoughts
The news issued by Edesa Biotech this morning proved to be overwhelmingly positive. We all know that the COVID-19 pandemic is far from over. In order to get the pandemic under control, we’ll need vaccines an treatments.
With the news today, EDSA is making another huge step in the right direction. Considering the desperate need for treatments, and the fact that very few companies actually have anything in clinical trials, let moving into late-stages, EDSA stock is one to watch closely.
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