Veru (NASDAQ:VERU) stock is taking off on Monday as investors react to recent news about the company’s Covid-19 treatment.
The big news here is the mortality rate of Covid-19 patients treated with sabizabulin as compared to those in a placebo group. The Phase 3 clinical trial reported a 20% mortality rate for those taking sabizabulin, as compared to a 45% mortality rate for those in the placebo group.
In addition to this, Veru reported that sabizabulin 9 mg was well tolerated during the Phase 3 clinical trial. That includes no clinically relevant safety observations in the treatment group compared to the placebo group.
Mitchell Steiner, M.D., chairman, president and CEO of Veru, said the following in a press release.
“We strongly believe that sabizabulin, with its dual anti-viral and anti-inflammatory properties which demonstrated positive efficacy and safety results in the Phase 3 COVID-19 study, can be that greatly needed oral therapy for hospitalized moderate to severe COVID-19 patients.”
With this positive clinical trial data in hand, Veru intends to move forward with plans to bring the treatment to market. That includes a meeting with the U.S. Food and Drug Administration (FDA) to obtain an emergency use authorization application for sabizabulin.
News of the clinical trial data also has VERU stock seeing heavy trading today. As of this writing, more than 226 million shares of the stock have changed hands. That’s a massive leap over the company’s daily average trading volume of 906,000 shares.
VERU stock is up 206.2% as of Monday afternoon.
Investors looking for more recent stock market news are in luck!
InvestorPlace has all the latest stock news that traders need to know about for today! That includes the latest Chinese EV stock news, an Etsy (NASDAQ:ETSY) strike, as well as SoFi Technologies (NASDAQ:SOFI) stock slipping. You can find out all about these subjects at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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