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Investing.com – Shares of Vir Biotechnology (NASDAQ:VIR) jumped 32% Thursday after the company said data showed its therapy, VIR-7831, had been found to be highly effective in the treatment of Covid-19 patients.
Vir developed the treatment jointly with GlaxoSmithKline (NYSE:GSK). The stock bounce brings Vir to a market value of almost $6 billion.
The two companies are working together to develop existing and identify new anti-viral antibodies that could be used as therapeutic or preventive options for Covid-19.
Convinced of the treatment’s “profound efficacy” in reducing hospitalization and risk of death in early treatment of adults affected by the coronavirus, the Independent Data Monitoring Committee has asked the company to stop enrollment for the phase-3 trial.
The IDMC recommendation was based on an interim analysis of data from 583 patients enrolled in the trial, which demonstrated an 85% reduction in hospitalization or death in patients receiving the monotherapy compared to placebo, the primary endpoint of the trial.
VIR-7831 is an investigational compound, not approved by the U.S. Food and Drug Administration or any other regulatory authority. Its current development pipeline consists of product candidates targeting Covid-19, hepatitis B virus, influenza A and human immunodeficiency virus.
