12:40 PM EDT, 09/03/2024 (MT Newswires) -- BioVie ( BIVI ) said Tuesday the US Food and Drug Administration has authorized its investigational new drug application to evaluate bezisterim for treating neurological symptoms associated with long COVID.

The approval allows BioVie ( BIVI ) to proceed with a phase 2 trial and positions the company to receive an additional $12.6 million in grant funding from the US Department of Defense, the company said.

The trial will assess the safety and efficacy of bezisterim, an anti-inflammatory treatment, in addressing long COVID's neurocognitive symptoms, BioVie ( BIVI ) said.

BioVie ( BIVI ) shares were down 5% in recent trading.

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