Stock Alert: Edesa Biotech Skyrockets On Regulatory Approval For COVID-19 Study

(RTTNews) - Shares of Edesa Biotech Inc. (EDSA) are surging more than 124 percent or $3.59 in Monday's morning trade at $6.47. The stock has traded in a range of $1.58 to $13.56 in the past 52 weeks.

Monday, Edesa Biotech said it has received expedited approval from Health Canada to begin a Phase 2/3 clinical study of its investigational drug, EB05, which the company is developing as a potential treatment for moderate to severe COVID-19 patients.

The Canada-based, clinical-stage biopharmaceutical company reported that it has EB05 drug product available now and is seeking government grants to accelerate the initiation and rollout of the study, beginning at up to 30 sites.

EB05 is a monoclonal antibody that has demonstrated the ability to suppress the release of proinflammatory cytokines that are often observed in severe COVID-19 patients.