Why Edesa Biotech Shares Are Soaring Today

Edesa Biotech Inc EDSA is surging higher Monday after the company announced positive Phase 2 data of its monoclonal antibody in hospitalized COVID-19 patients. Critically ill patients demonstrated a 68.5% reduction in the risk of dying when treated with EB05 over standard of care.

An independent Data and Safety Monitoring Board concluded that "a clinically important efficacy signal" was detected and that the study "met its objective." The DSMB recommended continuation of the study into a Phase 3 trial.

"The strong effect in reducing death in the most critically ill hospitalized patients who have been treated with systemic corticosteroids, including dexamethasone, and IL-6 inhibitors, shows the potential life-saving impact of this drug, irrespective of SARS-CoV-2 variant," said Par Nijhawan, CEO of Edesa Biotech.

Edesa Biotech is a biotechnology company focused on inflammatory and immune-related diseases. It is involved in exploring novel ways to treat these diseases.

EDSA Price Action: Edesa Biotech was halted for volatility during Monday's trading session. It is making new 52-week highs today. 

The stock was up 92.30% at $11.31 at time of publication.