What made Veru shares jump 35% on Monday morning?

Veru Inc shares (NASDAQ: VERU) opened 35% up in the stock market on Monday after the biopharmaceutical company reported positive results for its experimental COVID-19 treatment.

Sabizabulin reduces deaths in hospitalised patients

The oral pill, Veru confirmed in a press release this morning, reduces fatalities in hospitalised patients by 55%. CEO Mitchell Steiner said:

The overwhelming efficacy had the Independent Data Safety Monitoring Committee authorise an early pause to the Phase III trial. Veru will now seek emergency use authorisation for Sabizabulin from the U.S. Food and Drug Administration (FDA).

Sabizabulin has no clinically relevant safety concerns

Veru’s oral COVID treatment was also shown to be well tolerated with no safety concerns. The new treatment could be a lifeline for hospitalised COVID-19 patients at a high risk of ARDS (Adult Respiratory Distress Syndrome). Chief Scientific Officer Gary Barnette said:

Veru is expected to report $15.18 million in sales for its current quarter next month. The stock is still down 10% for the year.