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Edesa Biotech Inc (NASDAQ:EDSA), shares were trading higher Thursday after the company received Food and Drug Administration approval to proceed with its U.S. study of EB01 as a potential treatment for chronic allergic contact dermatitis.
Edesa, a clinical-stage biopharmaceutical company, said the FDA sent a "safe to proceed" letter that allows the company to proceed with its clinical investigation of EB01, a novel sPLA2 inhibitor Edesa is developing as a potential treatment for chronic allergic contact dermatitis.
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"The company is committed to rapidly advancing our clinical plans and remains on track to initiate our clinical study for EB01," Edesa CEO Dr. Par Nijhawan said in a statement.
The company also plans to selectively target additional indications within the areas of dermatology and gastroenterology, the CEO said.
Edesa shares were rallying by 119.15% at $9.27 at the time of publication Thursday.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.