Shares of Eli Lilly rose on Wednesday after the company announced it would apply to the U.S. Food and Drug Administration for emergency approval for treatment with Covid-19 antibodies.
Eli Lilly’s shares rose more than 3% in morning trading.
The company announced on Wednesday that its drug LY-CoV555, the has proven to reduce the rate of hospital admissions for coronavirus patients showed similar results when combined with another antibody treatment from the company, LY-CoV016.
The combination treatment has been used in people recently diagnosed with mild to moderate Covid-19. The combination treatment “reduced” the viral load significantly on day 11 and was “generally well tolerated with no drug-related serious adverse events”.
Eli Lilly said she has filed for FDA approval for LY-CoV555 and intends to file a combination treatment application in November. Company executives said they would hold a call at noon to discuss the results. ET.
The company said it could deliver 100,000 doses of LY-CoV555 in October and 50,000 doses of combination therapy by the fourth quarter of this year.
“To quickly treat patients around the world, Lilly invested in large-scale production of both vulnerable antibodies – even before data showed they could be a useful treatment option for COVID-19,” the company said in a press release.
David Ricks, CEO of Eli Lilly, said they hadn’t rated the treatment but wanted it “very inexpensive or free to anyone who needs it when their doctor prescribes it,” he told CNBC’s Meg Tirrell on Wednesday .
Eli Lilly will take a “tiered pricing” approach that will eventually bill developed countries the same amount for treatment, and the least developed countries will have access “on a philanthropic basis, or at least marginally cost,” he said.
“We’ll set those principles out there and then work on the details as we speak with this news today,” Ricks said on CNBCs.The exchange. ”
LY-CoV555 belongs to a class of treatments known as monoclonal antibodies. It is designed to block virus attachment and entry into human cells, thereby neutralizing the virus and potentially preventing severe symptoms and treating the disease. The antibody used a blood sample taken from one of the first U.S. patients to recover from Covid-19.
A handful of drug companies are working on developing Covid-19 antibody treatments, even though none of them have received FDA emergency approval. A combination treatment Regeneron was given to the president Donald Trump as part of a compassionate use requirement that enables patients to access the drug outside of clinical trials.
– CNBCs Sam Meredith contributed to this report.