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10/27, 12:15 AM (Source: TeleTrader)
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Eli Lilly's antibody doesn't help hospitalized COVID patients

Eli Lilly and Company unveiled that the Phase 3 trial of its LY-CoV555 antibody, also known as bamlanivimab, has shown the treatment isn't likely to "help hospitalized COVID-19 patients recover from this advanced stage of their disease."

After the publication of the study conducted by the National Institute of Allergy and Infectious Diseases (NIAID), the pharmaceutical company decided that "no additional COVID-19 patients in this hospitalized setting will receive bamlanivimab."

The firm added that it will continue to study the effects of the treatment in "mild to moderate" cases, as well as "in people recently diagnosed with COVID-19 in the ambulatory setting." A separate study will test the effects of LY-CoV555 for the prevention of the coronavirus "in residents and staff at long-term care facilities," the company concluded.

Eli Lilly's stock dropped by 0.83% in the after-hours trading after the release of the news, selling for $140.52 at 7:15 pm ET.

Breaking the News / BU