Edesa Biotech, Inc. (NASDAQ: EDSA) shares were trending lower in the pre-market as it seems to give back some of its gains from last night’s close. A total of +46.95% has been achieved by the EDSA stock over the past five days, from $5.01 to $9.10. In the past month of trading, this stock has moved from $4.05 to $9.10, a change of +56.16%. For the past three months, this stock’s price changed by +18.17%, trading in the range of $4.05 to $9.10.
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Edesa Biotech, Inc. is focused on developing innovative treatments for inflammatory and immune-related illnesses with significant unmet medical needs. Both EB05 and EB01, the company’s leading product candidates, are in late-stage clinical trials.
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What happened…
The company has received FDA / Health Canada approval to add to the ongoing Phase 2/ Phase 3 clinical study of Edesa Biotech (NASDAQ: EDSA) to treat Acute Respiratory Distress Syndrome (ARDS), the leading cause of death in COVID-19 patients. In this substudy, the drug will be examined as potential COVID-19 rescue therapy.
Chief Executive Officer of Edesa, Dr. Par Nijhawan, told physicians involved in the company’s ARDS study that the company identified a group of COVID-19 patients who could benefit from the experimental treatment but weren’t well enough for the main study. Dr. Nijhawan said this sub-study expands the ability to treat critically ill patients suffering from profound, medically refractory COVID 19 respiratory failure.
One sub-study of Edesa is expected to enroll up to 100 in-hospital patients with severe COVID-19 symptoms, including patients receiving extracorporeal membrane oxygenation (ECMO) therapy or being ventilated for more than five days. The sub-study is not expected to affect the design or results of Edesa’s ongoing international Phase 2/3 study.
The Vice President of Research and Development at Edesa, Blair Gordon, PhD., stated that all data would be aggregated and metered together. There will be separate analyses of the sub-study and the main study, which are identical except for the patient enrollment criteria. The study design’s efficiency enables us to efficiently assess the utility of the EB05 across a broad range of hospitalized patients.
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Summary
FactSet Research has revealed that one brokerage house has rated the stock as a buy. No analysts have rated it as a sell or overweight. One analyst has given it a buy recommendation. Meanwhile, the consensus is a buy rating.
