Edesa Biotech rockets 160% on launch of COVID-19 study in Canada

Edesa Biotech (NASDAQ:EDSA) is up 160% premarket after receiving expedited approval from Health Canada to begin a Phase 2/3 clinical study of its investigational drug, EB05, as a potential treatment for moderate to severe COVID-19 patients.

The company is seeking government grants to accelerate the initiation and rollout of the study, beginning at up to 30 sites.

Edesa plans to enroll up to 355 patients in the first phase of the trial. Patients will be infused intravenously with EB05 or placebo. Should the drug treatment demonstrate promising results at the Phase 2 readout, the enrollment will continue as a pivotal Phase 3 study.

EB05 is a monoclonal antibody that has demonstrated the ability to suppress the release of proinflammatory cytokines that are often observed in severe COVID-19 patients.

https://seekingalpha.com/news/3582952-edesa-biotech-rockets-160-on-launch-of-covidminus-19-study-in-canada