Why Sorrento Therapeutics shares rose nearly 7% on Monday
Sorrento Therapeutics (NASDAQ: SRNE) didn’t have a case of Mondays at all. Shares of the company were up 6.7% today on very encouraging news from across the pond.
On Friday after US market hours, Sorrento revealed that the UK Medicines and Health Products Regulatory Agency (MHRA) had cleared the company to begin a Phase 2 efficacy trial of its COVIDROPS, a investigational stem cell drug to fight COVID-19. Regulator’s decision is based on safety data from an earlier study conducted in the United States by the California body biotechnology.
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The trial will be a double-blind clinical study involving 350 participants with COVID who are asymptomatic or mildly symptomatic. They will be given a dose of 10 milligrams or 20 milligrams, or a placebo. This research will accompany both a phase 2 trial in the United States and a separate study in Mexico.
Sorrento said that if COVIDROPS is found to be effective and safe to administer in all three trials, the company will seek emergency use authorization from the Food and Drug Administration. It will also seek similar permission in the UK, EU, India and Mexico, among other jurisdictions.
While much of the world is covered by coronavirus vaccines, there is still a need for a drug licensed to treat cases of infection. Sorrento’s COVIDROPS green light for important clinical trials is undoubtedly good news for the company … and, hopefully, for a planet whose regions are still in the grip of the pandemic.
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