Eli Lilly Covid Trial Reason to Buy Stock: Jim Cramer
Eli Lilly said that it’s beginning its late-stage trial to study whether or not its experimental COVID-19 antibody treatments is effective in preventing the spread of the virus in residents and staff in U.S. nursing homes.
The phase 3 trial will test the treatment--LY-CoV555--which was developed in partnership with Canadian biotech AbCellera and is expected to enroll up to 2,400 participants who live or work in facilities that have had a recently diagnosed case of the coronavirus.
Several long-term-care facilities across the U.S. are participating in the trial, Lilly said.
The study aims to determine whether a single dose of LY-CoV555 "reduces the rate of SARS-CoV-2 infection through four weeks as well as complications of COVID-19 through eight weeks," the company said.
Lily is partnering with the National Institute of Allergy and Infectious Diseases, a division of the U.S. National Institutes of Health, on the program. Immunologist Anthony Fauci directs the NIAID.
The drug is currently being tested in hospitals.
Lilly’s chief scientific officer, Daniel Skovronskyn said, “Covid-19 has had a devastating impact on nursing home residents...We’re working as fast as we can to create medicines that might stop the spread of the virus to these vulnerable individuals.”
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