CytoDyn Inc. (OTCMKTS:CYDY) is down 6% in a week after announcing approval from Brazilian regulatory agency ANVISA for its previously submitted clinical study protocol to start patient recruitment in the CD17 study for severe coronavirus patients.
The company will, in collaboration, conduct the trial with Academic Research Organisation Albert Einstein Israelite Hospital. The study will produce requisite data needed by ANVISA to consider leronlimab’s availability to patients with severe CPVID-19 in Brazil. The phase III study will take place in 35 clinical locations and enroll 612 hospitalized patients requiring oxygen support. In addition, the study aims to prevent CIVID-19 from becoming severed to necessitate the need for a mechanical ventilator.
The company has declared that the director nominations presented by the activity group headed by Bruce Patterson and Paul Rosenbaum invalid. It is important to note that the Patterson/Rosenbaum group had tried to nominate five director nominees to take over CydoDyn’s six-member board. Unfortunately, the group made several misstatements and omissions, raising questions regarding the group’s motive. So in the coming weeks, CYFY is worth watching.
Market Reaction:
On Tuesday, CYDY stock gained 0.71% at $1.41 with more than 1.30 million shares, compared to its average volume of 2.63 million shares. The stock has moved within a range of $1.3700 – 1.4465 after opening the trade at $1.43.
