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Friday Coronavirus Update: Gilead Surges After Report on COVID-19 Treatment

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Good morning, it is Friday, April, 17. Here’s your morning coronavirus update.

There are now over 2.1 million cases of the virus worldwide, and over 146,000 deaths, per data from Johns Hopkins.

The U.S. has over 670,000 cases of the virus, with over 28,000 deaths.

New York has over 222,000 cases, with over 12,000 fatalities, per data from New York State’s Department of Health website.

And Spain has 184,000 cases with over 19,000 deaths.

Italy has over 168,000 cases with over 22,000 deaths.

Gilead shares are soaring ahead of the opening bell after a report said that Gilead’s remdesivir anti-viral drug had seen rapid improvement in some patients.

Now, this report comes from a Chicago trial, which did see patients who had been given remdesivir discharged within a week, but there’s a grain of salt to take with this trial: there is no control group, so doctors don’t have the group that is not receiving the drug in order to better understand the impact of the drug on the patients.

GIlead has cautioned that there isn’t enough data to determine safety or efficacy of the treatment, but hopes that data from the Phase 3 study will be available by the end of this month.

And, in more good news, Moderna will receive $483 million from the U.S. government to help accelerate the development and testing of its COVID-19 vaccine.

Moderna has started the Phase 1 trial of the vaccine. The company has said that Phase 2 of the study will begin in the second quarter and a Phase 3 study could begin as soon as the fall.

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