Stock Alert: Edesa Biotech Jumps 35%

(RTTNews) - Shares of Edesa Biotech, Inc. (EDSA) are currently surging over 35% after the company received approval to study its investigational drug as treatment of Acute Respiratory Distress Syndrome.

EDSA is currently trading at $7.62, up $2.09 or 37.80%, on the Nasdaq.

The clinical-stage biopharmaceutical company received regulatory approval from the U.S. Food and Drug Administration and Health Canada to add a sub-study to its ongoing Phase 2/Phase 3 clinical study of its investigational drug, EB05, for the treatment of Acute Respiratory Distress Syndrome.

The sub-study will evaluate the drug as a potential rescue therapy for critically severe COVID-19 cases.

"This sub-study will allow us to potentially expand the use of EB05 to critically ill patients suffering from profound, medically refractory COVID-19 respiratory failure," said Par Nijhawan, Chief Executive Officer of Edesa.