RedHill shares up on further encouraging results in COVID-19
Following on from Merck & Co’s (NYSE: MRK) share-boosting COVID-19 results from Friday, RedHill Biopharma (Nasdaq: RDHL) saw its stock value jump on Monday based on the results of a therapeutic treatment for the virus.
The Israeli company reported new data from the opaganib global Phase II/III study in hospitalized patients with severe COVID-19 pneumonia, with the results sending RedHill’s share price up by 9% in the first two hours of trading.
These data showed that treatment with oral opaganib versus the placebo-controlled arm resulted in a 62% statistically-significant reduction in mortality as well as statistically-significant improved outcomes in time to room air and median time to hospital discharge in a group of 251 hospitalized, moderately severe COVID-19 patients, comprising 53% of the 475 study participants.
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