Veru (NASDAQ:VERU) stock is on the move Wednesday after the oncology-focused biopharmaceutical company published results from its Phase 3 clinical trial of sabizabulin.
Sabizabulin is Veru’s treatment to help patients suffering from Covid-19. Specifically, it’s designed to treat those with moderate to severe Covid-19 that are at high risk for acute respiratory distress syndrome and death.
According to Veru, sabizabulin met its primary endpoint of clinically and statistically meaningful reduction of death in treated patients compared to a placebo. That resulted in a 55.2% relative reduction in deaths in the intent-to-treat population.
To go along with this, sabizabulin was also successful in meeting its secondary endpoints. That includes the effects of sabizabulin treatment on mortality and the relative reduction of days in ICU treatment.
Alan Skolnick, M.D., principal investigator with HD Research, said this about the clinical trial results.
“We have battled this pandemic for two and a half years now, and we are still in desperate need for an effective treatment like sabizabulin to significantly reduce deaths in hospitalized COVID-19 patients. It’s in the hospital that we have the last real opportunity to prevent deaths from COVID-19 infection.”
Veru is anticipating authorization from the U.S. Food and Drug Administration (FDA) for sabizabulin. This has it scaling up production in preparation for that.
VERU stock is up 10.2% as of Wednesday afternoon.
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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.