Regeneron Pharmaceuticals Inc. (NASDAQ:REGN) said it has asked federal regulators to authorize its antibody treatment for COVID-19 for emergency use.
President Trump received the antibody cocktail last Friday under a compassionate use program after becoming sick with the virus.
President Trump hailed Regeneron’s treatment in a video posted on Twitter Wednesday, saying he would authorize its emergency use and make it available to Americans for free.
Regeneron (NASDAQ:REGN) gained more than 1% in midday trading in New York trading Thursday in the wake of President Trump’s video being posted.
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The experimental therapy is 1 of several monoclonal antibody treatments in testing that may help treat patients with COVID-19.
Late last month, Regeneron reported preliminary results from a trial showing that the cocktail could reduce virus levels in coronavirus patients outside of the hospital.
In a statement, the company said that under its agreement with the US government, if an emergency authorization is granted by the Food and Drug Administration (FDA), the government would make the initial doses available to the American people at no cost and would be responsible for their distribution.
Regeneron said it currently has doses available for approximately 50,000 patients, and expects to have doses available for 300,000 patients within the next few months.
Regeneron’s move follows Eli Lilly & Co. (NYSE:LLY), which said Wednesday it is seeking emergency authorization for its Covid antibody treatment
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