Rigel Pharmaceuticals, Inc (NASDAQ:RIGL) stock continues to trade higher in the pre-market session on Monday after gaining 6% last week.
Major Trigger:
Fostamatinib Selected for NIH ACTIV-4 COVID-19 Clinical Trial
Key Highlights:
- Rigel Pharmaceuticals announced that fostamatinib, the Company’s novel oral spleen tyrosine kinase (SYK) inhibitor, has been selected for a National Institutes of Health (NIH) ACTIV-4 (Accelerating COVID-19 Therapeutic Interventions and Vaccines) trial in hospitalized patients with COVID-19.
- The ACTIV-4 Host Tissue trial is a large, multi-site trial funded by the National Heart, Lung, and Blood Institute (NHLBI) of the NIH and coordinated by Vanderbilt University Medical Center (VUMC). The trial is evaluating treatments, including fostamatinib, that aim to protect and heal host tissues in hospitalized patients with COVID-19.
- This study follows a recently completed NHLBI/NIH-sponsored Phase 2 study (NCT04579393), with positive topline results, that evaluated fostamatinib in hospitalized adults with COVID-19. The study met its primary endpoint of safety and showed broad and consistent improvement in numerous efficacy endpoints including mortality, ordinal scale assessment, and number of days in the ICU.
- These data were submitted as part of a request for an emergency use authorization (EUA) from the U.S. Food and Drug Administration (FDA) for fostamatinib in hospitalized patients diagnosed with COVID-19. These data have also been submitted for publication in a peer-reviewed medical journal.
Market Reaction
As of 8:38, RIGL stock jumped 4.57% to $4.67. So far more than 18k shares have exchanged hands.
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