COVID-19: At least 6 clinical trials underway evaluating Remedesivir

The US Food and Drug Administration (FDA) issued an update on the progress in developing countermeasures to treat and prevent the novel coronavirus (COVID-19) and contagion live has published news that says there are at least 6 clinical trials underway evaluating Remedesivir. 

Gilead Sciences, an American biotechnology company that researches, develops and commercializes drugs, says it has submitted a request to US FDA to rescind orphan drug designation granted for investigational antiviral for the treatment of COVID-19. 

key notes

• Gilead says working to advance the development of Remdesivir as quickly as possible.
• Gilead Sciences says submitted request to US FDA to waive all benefits that accompany the orphan drug designation.

Market implications

This will take time and what markets are looking for is an excuse to base, consolidate and move higher. However, COVID-19 may have only just got started and that is the fear. A catching falling knife strategy could be costly. Stimulus plans will only be so good as a bullish catalyst until the market digests the implications for Wall Street having just lost its biggest bid - the share buy-back bid.