CytoDyn Inc. (OTCMKTS:CYDY) jumped 8% after announcing the treatment of a first p[atient with its lead drug product leronlimab in a crucial third phase COVID-19 study in Brazil for those with severe symptoms.
The biotech company said it would conduct a preliminary analysis in 28 days after enrolment of 245 patients representing around 40% of the number of subjects the company intends to enroll in the study. CytoDyn had previously announced that Academic Research Organisation, Albert Einstein Israelite Hospital (AEIH), based in Sao Paulo, will conduct the pivotal third phase study in patients with severe COVID-19 symptoms.
The trial seeks to offer Brazil’s regulatory agency ANVUSA with necessary data to approve leronlimab for patients with severe COVID-19 in Brazil. CytoDyn said that they would conduct the trial in 35 clinical locations with around 612 hospitalized patients needing oxygenation support enrolled. CEO Nader Pourhassan stated that they are encouraged with ongoing enrolment for the trial and expect to reach preliminary analysis soonest. So, in the weeks to come, CYDY is worth watching.
Market Reaction:
On Friday, CYDY stock gained 7.45% at $1.37 with more than 2.26 million shares, compared to its average volume of 2.03 million shares. The stock has moved within a range of $1.2900 – 1.3900 after opening the trade at $1.30.
