STAT reports that preliminary results from a study in Chicago evaluating Gilead Sciences’ (NASDAQ:GILD) remdesivir in severely ill COVID-19 patients are positive with rapid recoveries in fever and respiratory symptoms observed and almost all patients discharged in less than a week.
The news is lifting shares, up 6% after hours, a welcome bit of good news on the heels of two canceled studies in China due to low enrollment.
While some officials have floated the idea of starting to re-open the economy around May, that won’t include the Northeast states, which are currently the U.S. epicenter of the coronavirus pandemic.
New York and other East Coast states are extending their stay-at-home orders to May 15, New York Governor Andrew Cuomo said today.
His statement didn’t say which other states are extending the lockdown, but earlier this week, New York, New Jersey, Connecticut, Delaware, Pennsylvania, Rhode Island, and Massachusetts said they’ll coordinate on re-opening their economies.
Cuomo said he doesn’t want to predict past May 15, “I wish I could say this will be over soon, but I can’t,” he said. “We must make decisions based on the science and the data.”
Thinly traded cancer therapy developer Arcus Biosciences (RCUS +83.7%) is up big on almost a 7x surge in volume on reports that Gilead Sciences (GILD +2.0%) is mulling a “significant stake” in the company.
The company’s pipeline includes anti-TIGIT antibody AB154, PD-1 inhibitor zimberelimab and dual A2a/A2b adenosine receptor antagonist AB928.
Alphabet’s venture capital unit, GV, is also an investor.
Aimed at aligning its operations to global cannabis supply and demand, Canopy Growth (CGC -0.2%) will implement the following initiatives:
Exit its operations in South Africa and Lesotho and transfer ownership of all operations in Africa to a local business. The transaction should close in the coming weeks.
Shut down its indoor facility in Yorkton, Saskatchewan.
Cease operations at its cultivation site in Colombia, transitioning to an “asset light” business model that leverages local suppliers and Procaps for formulation and encapsulation activities.
Cease farming activities in Springfield, New York due to abundant hemp inventory produced last year.
Cut ~85 full-time positions.
Management expects to record a pre-tax charge of ~C$700M – 800M in Q1 related to the above actions.
Co-Diagnostics (NASDAQ:CODX) announces that a CLIA-certified laboratory, OralDNA Labs, has validated its COVID-19 PCR test, which detects the SARS-CoV-2 virus, for use with saliva samples and has notified the FDA of their intent to use the test henceforward.
Shares up 9% premarket on light volume.
