Rigel Pharmaceuticals Inc. (RIGL), a biotechnology company specializing to manufacture and commercialize novel molecule drugs, soared 12.14% at $3.46 in current-market trading hours on the last check Tuesday, 13th April. The rise in RIGL stock price came after positive news in regards to a COVID-19 treatment under development.
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RIGL announced positive data from the Phase 2 clinical trial, to evaluate the safety of fostamatinib, which will be used for severe cases of Covid-19 effected hospitalized patients.
The trials are taking place in partnership with the National Heart, Lung, and Blood Institute, an arm of the National Institutes of Health, as well as Inova Health Systems, with drug evaluation emphasizing safety and minimal side effects. In accordance to RIGL data, there was a reduction of 50% in adverse events after the drug was ingested.
About Rigel Phase 2 clinical data
The trial, met its standard safety endpoint, with a considerable reduction in diseases related to hypoxia. Furthermore, RIGL held a trial consisting of four intubated patients on mechanical ventilation (ordinal scale 7) where two patients were randomly chosen for treatment and two were given placebos. Both patients given drugs produced by Rigel improved within a week and came off the ventilator, while both patients in the placebo group deteriorated in health.
“Fostamatinib was shown to be well tolerated in hospitalized patients with COVID-19 on oxygen. Taken altogether, the results of this trial suggest fostamatinib may be a useful addition to improve the outcome of severe and critically ill COVID-19 patients who are at the highest risk of death despite treatment with the best conventional therapies under the current standard of care (including remdesivir and steroids),” stated Wolfgang Dummer, M.D., Ph.D., Rigel’s Chief Medical Officer, emphasizing upon the significance of this drug’s breakthrough for the pandemic.
Furthermore, The median number of days in the ICU was substantially reduced with RIGL planning for approval of emergency use authorization from the FDA.
RIGL stock has increased dramatically after hitting a positive indication for the development of a drug for extreme covid 19 cases. Furthermore, positive data in regards to treatment as well as a potential for FDA approval has skyrocketed the stock immensely and peaked investor interest.