- Relief Therapeutics’ drug showed positive results in the treatment of critically ill COVID-19 patients
- Relief holds a patent for the RLF-100 lung treatment, it partners with NeuroRx to develop the drug in the U.S.
- Shares of Relief Therapeutics’ surged today almost 90% to trade near the record highs
Shares of Relief Therapeutics (SIX: RLF) exploded 80% on Monday after the drugmaker said its “RLF-100” treatment, developed together with the U.S.-Israeli firm NeuroRx, showed early potential.
Fundamental analysis: Emergency treatment for critically ill patients
NeuroRx and Relief, a Swiss-based drugmaker, issued a joint statement to note progress with its RLF-100 drug. Accordingly, the drug showed positive results in the treatment of critically ill COVID-19 patients.
Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.
Tested patients recovered rapidly from respiratory failure after three days of treatment with the drug, it is said in the statement.
“We are conducting placebo-controlled trials to see whether the observations made in the case-control and open-label studies will be confirmed for less ill patients with COVID-19-related respiratory failure. Our independent data monitoring committee will be conducting an interim analysis of this data later this month,” NeuroRx CEO Jonathan Javitt said.
“No other antiviral agent has demonstrated rapid recovery from viral infection and demonstrated laboratory inhibition of viral replication”.
As a result, the therapy was granted the fast-track designation in the United States. As Relief holds a patent for the RLF-100 lung treatment, it partners with NeuroRx to develop the drug in the United States.
The drug is currently in the second testing phase with around 70 patients admitted for a trial. Companies observed a significant improvement in the condition of more than 15 patients treated under emergency use.
Later this month, an independent data monitoring committee will analyze the data from tests.
Invezz reported last week that shares of the French drugmaker Sanofi gained after the UK government agreed to buy $500 million worth of COVID-19 vaccines from Sanofi and GlaxoSmithKline.
Technical analysis: Approaching record highs
Relief Therapeutics’ share price exploded 90% today to CHF0.064 on the news that its RLF-100 drug showed an early potential in treating critically-ill patients with a COVID-19 infection. As a result, the market capitalization soared from CHF76 million to CHF145 million.
The buyers are now looking to match and exceed the record highs above CHF 0.067, set in March this year. Relief Therapeutics’ stock price gained nearly 50% in a single day in June after receiving the fast-track designation from the U.S. Food and Drug Administration (FDA).
Shares of Relief Therapeutics’ erupted almost 90% on Monday after the drugmaker’s RLF-100 treatment showed early signs of success in the treatment of critically-ill COVID-19 patients.