A randomized trial in the U.K. of an old steroid treatment (dexamethasone) shows it reduced COVID-19-related deaths by one-third in ventilated patients.
In the U.S., retail sales roared back in May, jumping 17.7% from April. Core sales gained 12.4%.
The one-two combo of news has helped S&P 500 futures add 1% to earlier gains, now ahead 2.5% thirty minutes prior to the market open.
In Europe, the Stoxx 50 is up nearly 4%.
The number of hospitalized COVID-19 patients in Texas has risen to 2,518, up 66% since Memorial Day, although the number represents only 0.009% of the population (29M) there.
The state was one of the first to relax its sequester-at-home rule which expired on April 30.
At least 10 states are reporting increases in said hospitalizations, a metric medical researchers use to gauge the severity of the pandemic.
Public health officials are watching the trends closely, hoping that the coronavirus does not mutate into a more virulent pathogen before a vaccine becomes available, expected to be in Q4 at the earliest.
Fulgent Genetics (NASDAQ:FLGT) is up 10% postmarket after launching its at-home testing solution for COVID-19.
That test was granted emergency use authorization from the FDA for the detection of nucleic acid from SARS-CoV-2, the novel coronavirus at the center of the pandemic.
It will offer the test service through its Picture Genetics platform starting next week. Potential customers must qualify after passing an online eligibility screener, which will prioritize tests based on need and CDC guidelines.
Patients would collect their own samples with a mid-turbinate nasal swab, and receive results within 24-48 hours of receipt of the sample.
A month ago, Fulgent was part of an EUA as a test location for samples from a kit by Everlywell, the first authorized at-home sample collection kit.
Amarin (NASDAQ:AMRN) has settled its patent infringement dispute with Apotex over the latter’s marketing application seeking approval to sell a generic version of Vascepa (icosapent ethyl) in the U.S.
Amarin’s appeal of an adverse patent ruling allowing generic competition to Vascepa remains pending.
Under the terms the the settlement agreement, Apotex may not sell its generic product until August 9, 2029 (the same date under a 2018 settlement agreement with Teva Pharmaceutical Industries) or earlier under certain circumstances (including if Amarin loses its appeal).
Shares up 5% after hours.
A study in Britain evaluating dexamethasone, a corticosteroid first approved for medical use in 1961, showed a significant benefit in severely ill COVID-19 patients on ventilators.
Results from the Oxford University-led trial, RECOVERY, showed that the long-off-patent drug cut the risk of death by 28 – 40%. In patients receiving supplemental oxygen, it reduced the mortality risk by 20 – 25%. It did not appear to help patients with milder symptoms (patients who did not need oxygen or ventilation).
A 10-day regimen of dexamethasone costs ~£5 per patient.
The results imply that the inexpensive steroid may give Gilead Sciences’ (NASDAQ:GILD) remdesivir a run for its money.
