CytoDyn Executes Exclusive Agreement with American Regent: Stock Turns Volatile
The coronavirus pandemic has been nothing short of a disaster for business across a wide range of sectors. However, there is a small collection of companies that have actually performed well in the stock markets due to their work regarding tackling the pandemic. One such company is CytoDyn Inc (OTCMKTS:CYDY), and in recent times, there have been plenty of positive developments with regards to its coronavirus treatment offering.
The treatment in question is known as leronlimab, and there has been a range of encouraging developments with regards to it. Investors might do well to take a look at the recent developments.
Inked An Exclusive Distribution And Supply Agreement
The company made a major announcement with regards to leronlimab this past Friday. CytoDyn announced that that it has inked an exclusive distribution and supply agreement with American Regent with regard to the distribution of its product leronlimab. The agreement in question is pertaining to distribution in the United States only.
According to the terms of the distribution agreement signed by the two companies, American Regent will be responsible for distributing leronlimab across the United States for coronavirus treatment. In return, CytoDyn will receive payments on a quarterly basis as per a profit-sharing agreement.
The Chief Executive Officer and President of the company Nader Pourhassan said that although it is true that the readouts from the clinical trial of leronlimab is going to take place soon, this agreement reinforces CytoDyn’s commitment to distributing the product quickly. Hence, the company will be able to make leronlimab available immediately once it manages to complete its clinical trials successfully. The company is currently enrolling patients for the Phase 2b/3 of its study and is looking to trial the product on a total of 390 COVID 19 patients.
CytoDyn Partners With Mexican health
However, that is not all. Towards the end of June, the company announced that it signed a Memorandum of Understanding with the Health and High Specialty Hospitals of Mexico (NIH) by way of which CytoDyn is going to partner NIH for clinical trials for leronlimab. As per the agreement, the company is going to supply NIH with the medicine.
Once that is done, the two entities are expected to move forward swiftly regarding the protocols leading up to the clinical trial. The trial will be conducted on 25 patients, and CytoDyn believes that small sample size can also lead to swift approval from the Mexican authorities.
Another important thing to keep in mind is that CytoDyn is going to get an update regarding its biologics license application (BLA) application from the United States Food and Drug Administration on July 10. The agency is going to inform the company about the potential date on which the review of leronlimab is going to be completed.
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