Stock Alert: Edesa Biotech Shares Surge 160% On Regulatory Approval To Initiate COVID-19 Study

(RTTNews) - Shares of Edesa Biotech Inc. (EDSA) are rallying over 160% in pre-market today, after the company announced that it has received expedited approval from Health Canada to begin a Phase 2/3 clinical study of its investigational drug, EB05, which the company is developing as a potential treatment for moderate to severe COVID-19 patients.

The company reported that it has EB05 drug product available now and is seeking government grants to accelerate the initiation and rollout of the study, beginning at up to 30 sites.

The stock has been trading in the range of $1.58 - $13.56 for the past one year, and closed Friday's trade at $2.88, up 1 cent or 0.35%. EDSA is currently trading at $7.59, up $4.71 or 163.54% in the pre-market session.