Company Redhill , Which has been the leading Israeli company so far in developing a drug for Corona, announced that its multi-center trial that was supposed to be the last before the drug was submitted for approval, did not achieve its goals.
The trial was conducted in 475 patients hospitalized with corona with very severe lung symptoms. Analysis of the results of the experiment showed a trend of effect of the treatment, but it was not significant in the main index.
The company hopes that the drug can be used at an earlier stage of the disease. The company plans to talk to the FDA, the U.S. Food and Drug Administration, to see what the next steps might be.
Following the announcement, Redhill shares in pre-trade on Nasdaq fell 34.4%, after trading at a value of $ 344 million this morning. As of this writing, shortly after trading opened, the stock crashed and lost 32%.
The Israeli Redhill was established in 2009 and is engaged in the acquisition of rights, development and marketing of drugs in a variety of fields, with an emphasis on the digestive system. This year was the first significant sales year for its leading drug, an antibiotic cocktail to treat the e-bacterium. Pylori (which causes ulcers), which met exactly the corona when its marketing began. One of the drugs she purchased was a cancer drug called Yeliva, which works in a new mechanism, and seemed to be a suitable company for Corona.
In the first half of 2021, the company recorded revenue of $ 42 million from its existing products, and a break of $ 52 million.
Quite a few biomed companies traded on the Tel Aviv Stock Exchange announced at the beginning of the corona that they would develop products for this field. The leaders on the road to the drug today are NRX, which in addition to the drug also develops the vaccine for corona from the Biological Institute, Analybax, Kamhada and Bonus, and there are several other Israeli companies that are in the race. To date, very few drugs have been approved for corona, including Giliad’s antiviral drug Remedies, the steroid drug dexomethasone, and passive antibody-based drugs. So far no drug has been found that is considered a “game changer” in the field, although many drugs are being tested.