Many companies have come into focus for working on products meant to tackle the coronavirus in recent times and one of the more notables ones among those is Relief Therapeutics (OTCBB:RLFTF). The Relief stock rallied strongly on Thursday and gained as much as 65% after the company made a major announcement with regards to the product NCT 04311697.
Relief Therapeutics has collaborated with NeuroRx for the development of the product and is responsible for the main component RLF-100™ (aviptadil). The product is meant to treat patients suffering from COVID 19 related respiratory issues.
On Thursday, the two companies announced that the following unanimous votes from Data Monitoring Committee members, the companies are now free to continue with the enrolment of patients. The company plans to enroll as many as 165 patients for this purpose.
More importantly, the committee in question revealed that there are no safety issues with the product and went on to state that it believes that the product could actually hit its projected endpoint.
If the endpoint is hit it would prove that RLF 100 is more effective than a placebo in helping COVID patients with their recovery from respiratory problems.
In such a situation, it did not come as a surprise that the market welcomed the news and sent the Relief stock soaring yesterday. However, it remains to be seen if it can maintain its momentum and add to its gains today.
Investors should also keep in mind that RLF 100 has also been awarded the coveted Fast Track Designation by the United States Food and Drug Administration in June earlier this year. Prior to that, an orphan drug designation had also been awarded for treating acute respiratory distress syndrome.
The data management committee produced its review after going through the data of as many as 102 patients who had been treated with RLF 100. The enrolment is expected to be completed by the middle of December and the top-line data from the study could be available by January next year.
In mid-October, Relief made an announcement that created further optimism about RLF 100. The company announced that COVID 19 patients who were treated with the medicine survived longer than other patients.
The company revealed that out of the 21 patients who were administered with RLF 100, 17 patients passed the survival threshold. On the other hand, only 4 out of 24 patients who were not treated with the medicine managed to hit the threshold.
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