Novan Inc. on Tuesday said it had favorable preclinical safety data and intends to advance SB019 for treatment of Covid-19.
Shares rose 6% to $7.37 in premarket trading.
The pharmaceutical company said data indicate intranasal administration of SB019 formulation containing berdazimer sodium is well-tolerated and safe under the conditions of the preclinical study. The company said it believes the conclusions from this good-laboratory practices study support advancement of the SB019 program toward in-human clinical development.
Novan said pre-investigational new drug application activities are underway with a target of an IND submission no later than the second quarter of 2022.
The company said it also completed additional dose-range finding studies in SARS-CoV-2 infected golden Syrian hamsters through work conducted at the Institute for Antiviral Research at Utah State University.
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