Last checked at (Sharecast News) - Drug companies GlaxoSmithKline and Vir Biotechnology have been advised to finish a final trial of their Covid-19 drug early due to its "profound efficacy".
The duo said they would now seek authorisation in the US and other countries after phase-three clinical trials for the VIR-7831 treatment showed the drug reduced hospitalisation and risk of death by 85% and was effective against other variants. Shares in Vir rocketed 60% to $75 in pre-market trade on the news.
As a result, an independent data monitoring committee, recommended an early end to the trials.
An additional study also indicated the treatment maintained activity against "current circulating variants of concern" including the UK, South Africa and Brazilian strains.
Vir chief executive George Scangos said the results "bring us one step closer to delivering an effective new solution to patients around the globe".
"The dual-action design of VIR-7831 to both block viral entry into healthy cells and clear infected cells, as well as its high barrier to resistance, are key distinguishing characteristics."
"These findings, paired with our pending publication of resistance data, demonstrate the potential of VIR-7831 to prevent the most severe consequences of Covid-19 and highlight its potential ability to protect against the current circulating strains of the virus."
24 May 2024 15:19
London close: Stocks mixed after disappointing retail sales data
(Sharecast News) - London stocks closed with mixed results on Friday, influenced by earlier declines in the US and Asian markets, as investors reacted to a larger-than-expected drop in UK retail sales.
Read more
