(RTTNews) – Shares of Edesa Biotech, Inc. (EDSA), a Canada-based clinical-stage biopharmaceutical company, are rising more than 14 percent or $1.08 in Monday’s morning trade at $8.78.
Monday, Edesa Biotech said it has received clearance from the U.S. Food and Drug Administration or FDA to begin the Phase 2 portion of the Phase 2/3 clinical study of its investigational drug, EB05, for the treatment of hospitalized COVID-19 patients. The Phase 2/3 study protocol has previously been approved by Health Canada. The company has begun the site initiation process at U.S. hospitals.
EB05 is an experimental monoclonal antibody that Edesa believes could regulate the overactive immune response associated with Acute Respiratory Distress Syndrome or ARDS – the leading cause of death in COVID-19 patients.
Edesa Biotech has traded in a range of $1.58 to $19.10 in the past 52 weeks.
A Global Asset Management Seoul Korea Magazine