Over the course of the past months, many companies have come into focus among investors for their work on products meant for tackling the coronavirus pandemic. Many of the stocks have managed to deliver substantial gains as well due to the clear market opportunity as well. The latest stock to enter that category is Revive Therapeutics Ltd (OTCMKTS:RVVTF), which enjoyed a strong rally this past Friday after a positive development with regards to its coronavirus treatment Bucillamine.
The medicine in question is meant for reducing the devastating effects caused to the lungs by COVID 19.
FDA approval to start Phase 3 of possible COVID-19 treatment Bucillamine
This past Friday, the United States Food and Drug Administration awarded Revive Therapeutics the approval for starting the Phase 3 clinical trial of its product Bucillamine. It is a major development for the company and in the announcement made by Revive on Friday; it stated that it is a ‘tremendous milestone’. The medicine in question helps in raising glutathione and other anti-inflammatory activities in order to control the damage that is caused by the novel coronavirus.
The approval for the FDA brought about a flurry of activity in the stock as market participants realized that it was a major development for Revive. The stock rallied by as much as 66% on the back of the development and it is likely going to be in focus among investors this week as well.
However, it remains to be seen if the Revive stock can manage to maintain its momentum today and continue to add to its gains. It has also been revealed by Revive that it is going to enroll 1000 patients for the study and that is going to be randomized in a 1:1:1 ratio. The patients are then going to be administered with doses of 100 mg or 200 mg thrice daily for as long as 14 days. Independent Data and Safety Monitoring Board (DSMB) is going to conduct an interim analysis of the study after a total of 210 patients have been treated with the medicine.
Interim analyses are going to be conducted after 400, 600 and 800 patients have been treated with Bucillamine. While it is a significant milestone, Revive did state that it is not claiming that Bucillamine can be used to either cure or eliminate coronavirus.
The company has managed to get to this stage fairly quickly, considering the fact that it had started the whole process with an investigational drug application to the FDA back in the first week of July. It should be noted that the Canadian company has a track record of success with regards to the research and development related to products for infectious diseases. Investors could do well to keep an eye on the developments in the coming days.
Neither PSN nor its owners, members, officers, directors, partners, consultants, nor anyone involved in the publication of this website, is a registered investment adviser or broker-dealer or associated person with a registered investment adviser or broker-dealer and none of the foregoing make any recommendation that the purchase or sale of securities of any company profiled in the PSN website is suitable or advisable for any person or that an investment or transaction in such securities will be profitable. The information contained in the PSN website is not intended to be, and shall not constitute, an offer to sell nor the solicitation of any offer to buy any security. The information presented in the PSN website is provided for informational purposes only and is not to be treated as advice or a recommendation to make any specific investment. Please consult with an independent investment adviser and qualified investment professional before making an investment decision.