Benzinga | Oct 19, 2021 09:32AM EDT

Why Edesa Biotech Shares Are Trading Higher Today

Edesa Biotech Inc (NASDAQ:EDSA) is trading higher Tuesday after the company announced additional results from the Phase 2 part of the ongoing Phase 2/3 study of EB05 in COVID-19.

Edesa reported that EB05 demonstrated mortality reductions in multiple patient groups beyond the initial findings.

The company said it believes EB05 regulates the overactive and dysfunctional immune response associated with Acute Respiratory Distress Syndrome, which is the leading cause of death in COVID-19 patients.

"We are excited about the potential utility of our monoclonal antibody given the profound effect that it demonstrated in reducing death in the most critically ill patient population. These results further strengthen our hypothesis and our belief in the potential life-saving impact of this drug," said Par Nijhawan, CEO of Edesa.

Edesa is a biotechnology company focused on inflammatory and immune-related diseases.

EDSA Price Action: Edesa has traded as high as $12 and as low as $4.05 over a 52-week period.

The stock was up 13.90% at $8.82 at time of publication.