Veru shares climbed higher to set a new high yesterday after the oncology biopharmaceutical company released encouraging results regarding a cancer drug that is being examined.
The company, based in Miami, develops drugs for breast and prostate cancers. The company reported that a prostate cancer treatment appeared quite effective and safe in Phase 2 clinical trial, conducted in patients with acute respiratory distress caused by Covid-19.
Veru announced that VERU-111 showed an 82% reduced mortality or respiratory failure from almost 30 days after treatment as compared with patients who received a placebo.Dr. Mitchell Steiner told Jim Cramer of CNBC that his cancer medicine can be an anti-inflammatory medicine as well as an antiviral to treat the respiratory disease sometimes fatal.
Veru is on course to meet with the U.S. Food and Drug Administration, as part of its efforts to provide individuals with severe cases of Covid-19 with an opportunity to participate in Phase 3 clinical trial.
About 200 hospitalized patients at high risk of acute respiratory distress syndrome are expected to be part of this trial study.40 patients were included in the Phase 2 trial in five sites across the U.S.
Veru aims to complete the clinical phase in the fourth quarter by the end of this year. The company says it will seek funding from the Biomedical Advanced Research and Development Authority of the Department of Health and Human Services to meet supply needs in the U.S.