Remdesivir, Once Promising as a COVID-19 Treatment, Shows No Clinical Effect... Market Aftermath

Randomized Clinical Trial Conducted in China Fails

Some Patients Discontinued Due to Side Effects

Manufacturer's Stock Plummets 4.3% Compared to Previous Day

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kwon Jaehee] The antiviral drug Remdesivir, which had attracted attention as a treatment for the novel coronavirus infection (COVID-19), failed to show effectiveness in clinical trials, turning expectations into disappointment in just one week. The stock price of Gilead Sciences, the U.S. pharmaceutical company manufacturing Remdesivir, plunged more than 4%, and Gilead issued a statement rebutting the results.

On the 23rd (local time), CNBC reported, citing the Financial Times (FT), that a randomized clinical trial of Remdesivir conducted in China ended in failure.

The clinical trial involved administering Remdesivir to 158 out of 237 patients and comparing their symptoms with the remaining 79 patients. The results showed that Remdesivir did not help improve the condition of COVID-19 patients and also failed to reduce the virus in the bloodstream. Additionally, 18 patients discontinued the medication due to side effects, which were not insignificant.

The report was posted on the World Health Organization (WHO) website by mistake without undergoing peer review. The report was later removed.

Remdesivir had drawn significant attention on the 16th when Stat News, a U.S. medical media outlet, reported clinical trial results. The phase 3 clinical trial conducted at the University of Chicago revealed that most COVID-19 patients showed significant relief from fever and respiratory symptoms after receiving Remdesivir and were discharged in less than a week. As a result, Gilead’s stock price surged 15.23% to $88.19 in after-hours trading, leading gains in U.S. stock futures. However, there was also considerable caution that more extensive clinical trials with a larger number of patients were necessary.

With market expectations disappearing in just one week, the aftershocks are expected to be severe. Gilead’s stock price fell as much as 6% intraday amid concerns over clinical failure and closed down 4.34% compared to the previous day. Following the stock plunge, the company immediately issued a statement rebutting the report. Gilead claimed, "The study was terminated early due to low enrollment and is insufficient to draw statistically significant conclusions." Furthermore, Gilead expressed regret that an unpeer-reviewed report was posted on the WHO website.

The sharp drop in Gilead’s stock also dampened the rising momentum of the New York Stock Exchange. The S&P 500 index closed down 0.05%, and the Nasdaq fell slightly by 0.01%.

According to Johns Hopkins University, the total number of confirmed COVID-19 cases worldwide has surpassed 2.6 million as of this day. Among them, at least 123,820 people have died, but no proven treatment exists. U.S. health authorities estimate that it will take up to 18 months to produce a vaccine for COVID-19 prevention.

This content was produced with the assistance of AI translation services.