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Eiger Shares Nosedive On COVID-19 Study Results

Eiger Shares Nosedive On COVID-19 Study Results

Shares of micro-cap biopharma Eiger Biopharmaceuticals Inc (NASDAQ: EIGR) were  moving sharply to the downside Monday after one of its investigational assets under evaluation for treating COVID-19 failed to meet the study goal.

What Happened: An investigator-sponsored study of peginterferon Lamba-1a in outpatients with mild and uncomplicated COVID-19 did not meet the primary endpoint of showing statistically significant difference relative to placebo in the duration of viral shedding, according to Palo Alto, California-based Eiger.

The duration of viral shedding was measured by the time to first of two consecutive negative tests for SARS-CoV2 by qRT-PCR, the company said.

The median time to cessation of viral shedding by both groups was seven days. 

The secondary endpoint was reducing duration of symptoms and hospitalization in patients with mild COVID-19.

The investigational asset was found to be well-tolerated, with few adverse events.

The study enrolled 120 patients who were randomized 1-to-2 to a single subcutaneous dose of Lambda or placebo and was led by researchers at the Stanford University School of Medicine.

What's Next: Eiger has four ongoing investigator-sponsored studies to evaluate peginterferon Lamba in hospitalized patients with advanced COVID-19 disease.

"We now know that untreated patients with mild COVID-19 clear virus quickly. Published reports have demonstrated evidence of a therapeutic benefit of interferons in hospitalized patients with more advanced COVID-19 disease," Colin Hislop, Eiger's senior vice president of clinical and development operations, said in a statement. 

The investigational asset is also being evaluated in a prophylaxis study of exposed or at-risk patients.

EIGR Price Action: At last check, Eiger shares were plunging 14.61% to $8.44.

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