Veru Inc. (NASDAQ: VERU), an oncology biopharmaceutical company, announced positive efficacy and safety results from a planned interim analysis of the double-blind, randomized, placebo-controlled Phase 3 COVID-19 clinical trial evaluating oral sabizabulin 9 mg versus placebo in 150 hospitalized COVID-19 patients at high risk for Acute Respiratory Distress Syndrome (ARDS). The Independent Data Safety Monitoring Committee unanimously recommended that the Phase 3 study be halted early due to efficacy, and they further remarked that no safety concerns were identified. Such a positive development pushed the VERU stock to gain over 45% in the market trading session today.
In addition to Veru, other pharma companies like Nova Mentis Life, PolarityTE and PharmaDrug also reported significant advances in fields of Oncology, COVID, Glaucoma, and Autism. Moreover, all these pharma stocks gained substantially as well. However, the VERU stock was the one with the most prominent gain. Earlier, the company also released its second-quarter FY22 earnings on Thursday, May 12, 2022.
“This study represents a significant milestone in the global fight against COVID-19 as sabizabulin is the first drug to demonstrate a clinically and statistically meaningful reduction in deaths in hospitalized patients with moderate to severe COVID-19. 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.”said CEO Mitchell Steiner, M.D
The VERU stock gained by a huge 41.09% and traded at $12.74 (up by 3.71 points) 12:46 p.m. EDT in the market trading session today. The market capitalization of the stock stood at $1.01 billion. The share volume traded for the VERU stock was 83,941,632, skyrocketing from the average trade volume of 19,002,035. Moreover, the day’s high was $15.15 inching closer to the stock’s 52-week high of $17.50.