Veru (NASDAQ: VERU), an Oncology Biopharmaceutical Company, skyrocketed to double digits after reporting beneficial data regarding a cancer drug which could combat Covid-19.
“We are very pleased with the results of our Phase 2 trial, which demonstrated clinically meaningful reductions in relevant endpoints, including respiratory failure, days in the ICU and on mechanical ventilation and patient mortality. We believe VERU-111 has significant potential in treating COVID-19, both as a broad-spectrum antiviral and an anti-inflammatory agent, helping to prevent the effects that lead to ARDS and death,” said Mitchell Steiner, M.D., Chairman, President and Chief Executive Officer of Veru.
According to the company, the drug proved to reduce deaths or respiratory failure by 82% after 30 days of treatment, in comparison to those given placebo’s.
Steiner added that: “Due to the urgency of the global pandemic and need for more effective treatment options for patients, we are duty-bound to pursue this indication, even though it has not been the primary focus of Veru. We have the resources to conduct a Phase 3 trial without impacting our cancer drugs’ clinical development. We look forward to our upcoming discussion with FDA concerning the regulatory and clinical development steps to move VERU-111 for COVID-19 forward.”
The company is set to meet with the U.S. Food and Drug Administration in hopes of commencing its Phase 3 clinical trial, which would study people with severe Covid-19 cases. Approximately 200 hospitalized and high risk patients with acute respiratory distress syndrome are believed to volunteer for the next trial.
Veru stock rose almost 28% throughout the trading day on Monday and closed at USD13.92 with a USD1 Billion valuation.