Edesa Biotech To Receive Up To CAD $23M In Funding From Federal Government
Portfolio Pulse from Benzinga Newsdesk
Edesa Biotech, Inc. (NASDAQ:EDSA) has secured a commitment of up to C$23 million from the Government of Canada for a pivotal Phase 3 clinical study of the company's first-in-class therapeutic candidate, EB05. The drug, which reduced mortality by 84% among critically ill patients with Acute Respiratory Distress Syndrome (ARDS) in a Phase 2 study, is designed to modulate the body's own immune response. The funding will be used towards study expenses and scale-up of commercial drug product if the development program is successful.
October 12, 2023 | 4:16 pm
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POSITIVE IMPACT
Edesa Biotech has secured significant funding from the Canadian Government for its Phase 3 study of EB05. The drug has shown promising results in Phase 2, potentially accelerating its path to commercialization.
The funding commitment from the Canadian Government is a significant validation of Edesa Biotech's work and could accelerate the research and commercialization of EB05. Given the promising results from the Phase 2 study, this could have a positive impact on the company's stock in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
The Canadian Government's funding commitment to Edesa Biotech reflects its plan to grow a strong and competitive life sciences sector, which could have a positive impact on the iShares MSCI Canada ETF (EWC).
The Canadian Government's commitment to funding life sciences research and development could have a positive impact on the broader Canadian market, including the iShares MSCI Canada ETF (EWC). However, the direct impact of this specific funding commitment on EWC may be limited given the diversified nature of the ETF.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50