Why Is Infectious Disease Player Edesa Biotech Stock Soaring Today?
Portfolio Pulse from Vandana Singh
Edesa Biotech Inc (NASDAQ:EDSA) has secured a commitment of up to C$23 million from the Government of Canada for a 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 ARDS in a Phase 2 study, is designed to modulate the body's immune response to infectious diseases. The funding will be used for study expenses and scale-up of commercial drug product if successful. EDSA shares are up 81.50% at $4.90.
October 12, 2023 | 6:10 pm
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Edesa Biotech's stock is soaring due to the C$23 million funding commitment from the Canadian Government for a Phase 3 study of EB05. The drug has shown promising results in Phase 2, reducing ARDS mortality by 84%.
The news of the funding commitment from the Canadian Government for the Phase 3 study of EB05 is a significant positive development for Edesa Biotech. The drug has shown promising results in Phase 2, reducing ARDS mortality by 84%. This could potentially lead to a successful commercial product, which is likely driving the surge in the company's stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100