New information released by Gilead Sciences (GILD) - Get Gilead Sciences, Inc. (GILD) Report points to positive data on its developing coronavirus drug remdesivir. The company found that patients treated with remdesivir showed a 62% reduction in mortality rates.
In the Phase III study, 74.4% of patients with remdesivir recovered from the virus by day 14. Those not taking the drug showed a 59% recovery rate.
“We are working to broaden our understanding of the full utility of remdesivir,” said Dr. Merdad Parsey, Gilead’s Chief Medical Officer, in a statement. “To address the urgency of the continuing pandemic, we are sharing data with the research community as quickly as possible with the goal of providing transparent and timely updates on new developments with remdesivir.”
In Australia, remdesivir has been approved as a first treatment option for patients suffering the most severe forms of COVID-19.
Gilead shares were more than 2% higher Friday after the announcement.
There are now more than 3 million confirmed cases of the coronavirus in the United States with over 133,000 deaths. The virus has been spiking recently, as the U.S. recorded its sixth single-day record in 10 days. On Thursday, there were nearly 60,000 new cases added.
On Friday, markets were mostly risk-on, with investors buying economically-sensitive assets. Markets moved away from steady declines following the remdesivir news.