Gilead (NASDAQ:GILD) news for Monday about a possible treatment for coronavirus have GILD stock heading higher.
A Gilead news release reveals that the company is planning to try out remdesivir in treating patients with coronavirus. This drug has no data on treating the virus but has been used to help with symptoms in similar cases.
A few examples include using remdesivir to treat patients suffering from ebola. It was also used in treating those with MERS and SARS. These are both coronaviruses that are similar in structure to the current strain of coronavirus spreading through China.
According to the Gilead news release, the company plans to set up a randomized, controlled trial to determine the effectiveness of using remdesivir to treat this virus. It’s working alongside the FDA, CDC, DHHS, China CDC, NMPA, WHO, NIAID, as well as individual researchers and clinicians in the effort.
Merdad Parsey, MD, PhD, Chief Medical Officer of Gilead, says this about the news.
“Remdesivir is not yet licensed or approved anywhere globally and has not been demonstrated to be safe or effective for any use. At the request of treating physicians, and with the support of local regulatory agencies, who have weighed the risks and benefits of providing an experimental drug with no data in 2019-nCoV, Gilead has provided remdesivir for use in a small number of patients with 2019-nCoV for emergency treatment in the absence of any approved treatment options.”
GILD stock was up 5.41% as of Monday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.