Eli Lilly Shares Rise Amid Request for FDA Authorization | Financial Buzz

Eli Lilly Shares Rise Amid Request for FDA Authorization

Eli Lilly (NYSE: LLY), an American pharmaceutical company, rose 3% in early morning trading amid news that it is seeking emergency authorization from the U.S. Food and Drug Administration for its Covid-19 antibody treatment. The monoclonal antibody is said to reduce levels of the virus that originates COVID-19 in patients, as well as keep people from having to go into hospitals.

The company revealed it has combined two of its drugs, the LY-CoV555 and LY-CoV016, to treat people diagnosed with mild-to-moderate Covid-19. The new mix “significantly reduced” viral load by the 11th day and was “generally well tolerated with no drug-related serious adverse events.”

“We believe that Lilly’s data provides some real evidence that the combo mAb (monoclonal antibody) approach may provide meaningful clinical benefits,” Baird analyst Brian Skorney said.

A request has been submitted for FDA approval of LY-CoV555 and the company plans to file a request for the combination treatment sometime in November. Company executives are set to discuss the matter on a call Wednesday. If approved Eli Lilly says it could produce 100,000 doses of  LY-CoV555 in October and about 50,000 doses of the blend therapy by the fourth quarter of this year. 

“To be able to quickly provide treatment to patients around the world, Lilly invested in large-scale manufacturing of both antibodies at risk – even before data demonstrated their potential to become a meaningful therapeutic option for COVID-19,” the company said in a press release. 

According to the company, both treatments have been well taken in trials and have not exhibited any serious side effects.