First Wave BioPharma Inc FWBI announced Thursday it completed enrollment for Part 2 of the RESERVOIR Phase 2 trial evaluating FW-COV, the company's oral tablet being developed to treat SARS-CoV-2, as an outpatient treatment for COVID-19-related gastrointestinal (GI) infections.
"A lot of the people who have COVID have been getting some GI effects, about 30% of them," First Wave CEO James Sapirstein said Thursday on "Benzinga Live."
With more than 1,000 COVID-related products out there, everyone is competing for patients, Sapirstein said. So the finalization of enrollment of First Wave's COVID trial is a big step forward. He expects to have the final data in approximately 45 to 50 days.
"We're feeling really bullish about this," he said. "Our stock, unfortunately, is at an all-time low, but it's obviously a good buying opportunity as data is coming."
Sapirstein told Benzinga that First Wave has data readouts for the COVID trial coming in the first half of 2022. The company is also anticipating a data trial readout for its Ulcerative Proctitis treatment, which the company hopes to have by the second half of the year.
There is a real need for COVID-related products beyond just vaccines, according to the First Wave CEO.
"The vaccines are not the answer," he said. "The vaccines are very helpful and everyone should get vaccinated ... but we need therapeutics and we need therapeutics that work."
Sapirstein noted that the Phase 2 trial announced today is the nearest-term potential catalyst for the stock.
"We're going to have data, hopefully within 45 days," he said. "If the data is positive, I think the sky is the limit for our stock."
The First Wave CEO went on to talk about other products in the company's pipeline.
See the full interview here:
FWBI Price Action: First Wave has traded as low as $1.27 and as high as $26.30 over a 52-week period.
The stock closed down 3.92% at $1.47.
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