RedHill Biopharma, a leading biopharmaceutical company, has received positive news with regards to its trial for Covid-19 outpatient treatment. Recent reports reveal that the company has secured new external funding, further bolstering its efforts in combatting the virus.
Stock Market Performance
Despite experiencing a significant decrease in stock value over the past year, with its share price hitting a 52-week low of 26 cents, RedHill Biopharma is showing signs of recovery. The stock saw an increase of 8%, reaching $1.79, following the announcement of the new funding.
Additional Funding for RHB-107 Arm
In addition to the previously announced funding from the U.S. government, RedHill Biopharma was able to secure additional financial support specifically for the RHB-107 arm of their adaptive platform trial for early Covid-19 outpatient treatment. This additional funding amounts to an impressive $4.8 million, which will be directed towards the evaluation of RHB-107 in the study.
Phase 2 Study Details
The Phase 2 study, which aims to include 300 patients, has obtained clearance from the FDA and is expected to commence in the coming weeks. This multi-national study will be conducted in the United States, Thailand, Ivory Coast, South Africa, and Uganda. The estimated completion date for this study is by the end of 2024.
