For the past couple of years, biotech firm CytoDyn (OTCMKTS:CYDY) has come into prominence due to its work with leronlimab, which is known to work against a range of conditions.
On Wednesday, the CytoDyn stock was in action but it actually recoded a decline of as much as 10%. There was no new about the company yesterday that could have led to the decline. However, in this sort of a situation, it could be a good idea to take a look at some recent development. Back on May 6, the company announced that it was on the verge of starting the trial of leronlimab in patients who were suffering from severe symptoms of COVID 19.
The trial is going to be conducted in collaboration with the academic research organisation Albert Einstein Israelite Hospital (AEIH). The trials are going to be conducted at as many as 45 clinical sites all across the United States. In this regard, it is necessary to note that the Phase III trials are expected to deliver the data that is going to be required by ANVISA, the regulatory body in Brazil, for approving leronlimab for the treatment of COVID 19 infected patients in the country.
It was also announced that CytoDyn is looking to have an interim analysis of the data through October and November. The trial is going to enroll 120 patients suffering from critical symptoms of COVID 19. Last month, the company had announced that it signed an exclusive supply and distribution agreement with Chiral Pharma Corporation. By way of this agreement, CytoDyn is going to supply Chiral with as many as 200000 vials of leronlimab that are going to be administered to critically ill COVID 19 patients in Philippines. These are all important developments and despite the fall in the CytoDyn stock yesterday, investors could consider tracking the stock.