Clinical trial of Gilead’s remdesivir in Covid-19 starts
A clinical trial of Gilead Sciences’ (GILD -4.1%) investigational anti-viral remdesivir to treat Covid-19 coronavirus has started, the National Institutes of Health said today.
It’s the first clinical trial in the U.S. to evaluate an experimental treatment for Covid-19, the respiratory disease first detected in December 2019 in Wuhan, Hubei Province, China.
The first trial participant is an American who was repatriated after being quarantined on the Diamond Princess cruise ship that docked in Yokahama, Japan, and volunteered to participate in the study.
As of Feb. 24, the World Health Organization has reported 77,262 confirmed cases of Covid-19 and 2,595 deaths in China and 2,069 cases and 23 deaths in 29 other countries.
There have been 14 confirmed COVID-19 cases reported in the U.S. and an additional 39 cases among persons repatriated to the U.S., according to the Centers for Disease Control and Prevention.
Google-backed 1Life draws analyst praise
Early analyst coverage is strong for 1Life Healthcare (NASDAQ:ONEM), the freshly public company that began trading at the end of January.
The tech-driven clinic provider is backed by Google (GOOG +0.5%, GOOGL +0.5%), and closed its debut day up 58% to $22.07.
Shares are up 1.8% today to $22.69 against the down market.
SunTrust has a $30 price target (implying 32% upside), pointing to the company’s bid to disrupt status quo. The company can achieve long-term goals of 45% care margin and 20% operating margin, the firm says.
Piper Sandler has an Overweight rating and $29 target, saying “We appreciate the company’s diverse, recurring revenue stream delivering (more than) 25% top-line growth.”
Alphabet’s Google Ventures was a key investor, and Alphabet is also one of the largest clients of One Medical, the clinic brand run by 1Life.
Bicycle Therapeutics unveils collaboration deal with Genentech
Bicycle Therapeutics (BCYC +2.9%) trades higher after announcing a strategic collaboration with Roche’s (OTCQX:RHHBY) Genentech to develop and commercialize Bicycle-based immuno-oncology therapies.
Bicycle says it will receive a $30M upfront payment, but potential discovery, development, regulatory and commercial milestones could total as much as $1.7B.
Bicycle says it will be responsible for discovery research and early pre-clinical development up to candidate selection, and Genentech will be responsible for further development and commercialization upon the selection of candidates.
Cocrystal Pharma licenses with K-State University for coronavirus compounds
Cocrystal Pharma (NASDAQ:COCP) +63.1% pre-market after nearly tripling yesterday following news it entered into a license agreement with Kansas State University Research Foundation to further develop proprietary antiviral compounds for the treatment of norovirus and coronavirus.
Under the deal terms, Cocrystal has been granted an exclusive, royalty-bearing right and license to certain antiviral compounds for humans covered by KSURF’s patents.
Cocrystal says it will pursue research and development of theses antiviral compounds, including pre-clinical and clinical development, and the license will significantly advance its antiviral programs by providing potent compounds for further development.
Cannabics Pharmaceuticals to partner with NewCanna Hub
Cannabics Pharmaceuticals (OTCQB:CNBX) signs a new agreement with NewCanna Hub to research the anti-tumor effects of cannabinoid profiles found in indigenous Colombian landraces.
The research will focus on gastrointestinal cancers.
NewCanna Hub is a multidisciplinary cannabis platform engaged in genetic advancement, stabilization, optimization, and commercialization of cannabis cultivars.
