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Eli Lilly and Company (NYSE:LLY) said Monday that a trial of its antibody treatment for use in hospitalized COVID-19 patients has come to an end as the treatment is unlikely to help such patients.
What Happened: The one of its kind study — conducted by the National Institute of Allergy and Infectious Diseases, part of the National Institutes of Health — was evaluating the efficacy of bamlanivimab, according to a statement issued by the company.
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Eli Lilly said that trial data has led to the recommendation that the treatment is unlikely to help hospitalized COVID-19 patients recover from an advanced stage of the disease.
Other studies investigating bamlanivimab will continue, including an NIH-sponsored study evaluating the efficacy of the treatment in mild-to-moderate COVID-19 cases and the company’s own Phase 2 trial in people recently diagnosed with COVID-19 in a non-hospitalized setting.
Why It Matters: The Indianapolis, Indiana-based drug giant said it has submitted for an emergency use authorization for bamlanivimab based on its own Phase 2 trial results.
This month, the drugmaker halted the Phase 3 trial of its antibody treatment due to a “potential safety concern.” It was reported earlier that the Eli Lilly plant being readied to make the antibody treatment for COVID-19 was found to have serious quality control problems by the United States Food and Drug Administration.
President Donald Trump was administered a similar antibody treatment from Regeneron Pharmaceuticals Inc (NASDAQ:REGN), which he touted as a “cure” for COVID-19.
Price Action: Eli Lilly shares closed nearly 0.5% lower at $141.70 on Monday and fell 0.83% in the after-hours session.
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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.