Stock Alert: Edesa Up 25%; To Develop COVID-19 Treatment With Light Chain

(RTTNews) - Shares of Edesa Biotech, Inc. (EDSA) are gaining nearly 25% on Monday morning after the company announced it has teamed up with Light Chain Bioscience to develop treatments for COVID-19. EDSA is currently trading at $3.09, up $0.60 or 24.10% on the Nasdaq. Edesa Biotech, a clinical-stage biopharmaceutical company, said it signed a deal with Light Chain Bioscience, a brand of Swiss pharma company NovImmune SA, for an exclusive worldwide license to develop and commercialize two Phase 2-ready biologic drug candidates for all therapeutic, prophylactic and diagnostic applications. Edesa plans to pursue the development these drug candidates as potential treatments for acute respiratory distress syndrome and lung injury resulting from viral respiratory infections, such as the coronavirus that causes COVID-19, and other disorders.