The rise in the number of COVID-19 cases in recent weeks has resulted in a surge in demand for treatments and companies which are working on such products have seen their stocks perform impressively. Innovation Pharmaceuticals Inc (OTC: IPIX), which is working on a COVID-19 medicine named Brilacidin, saw its stock surge this past week after a key development.
On January 14 it emerged that the United States Food and Drug Administration awarded fast track designation to its product Brilacidin for treating COVID-19 patients. It goes without saying that it is a major development for Innovation and over the course of the past three days; the stock has surged by as much as 40%.
Such a designation is going to help in the development of the product and will also speed up the review process. It was also revealed that the Phase 2 clinical trial of Brilacidin is going to begin later in January.