Shares of Gilead Sciences Inc increased 15 percent on Thursday on media reports that suggested that severe COVID-19 patients were responding positively to the American biotechnology company's experimental treatment remdesivir.

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As per STAT, a news wesbite, a Chicago hospital, that is treating COVID-19 patients with the antiviral medication for trial, has witnessed rapid recoveries in fever and respiratory symptoms. Nearly all patients have been discharged in less than a week, said STAT.

Other institutions too are using the medication for the trial.

Gilead, however, said, "Anecdotal reports do not provide statistical power necessary to determine safety, efficacy profile of remdesivir as treatment for covid-19. Expect data from phase 3 study in patients with severe covid-19 infection to be available at end of April."

GILEAD: ANECDOTAL REPORTS DO NOT PROVIDE STATISTICAL POWER NECESSARY TO DETERMINE SAFETY, EFFICACY PROFILE OF REMDESIVIR AS TREATMENT FOR COVID-19EXPECT DATA FROM PHASE 3 STUDY IN PATIENTS WITH SEVERE COVID-19 INFECTION TO BE AVAILABLE AT END OF APRIL

— First Squawk (@FirstSquawk) April 16, 2020

There are currently no approved treatments for COVID-19, the highly contagious respiratory illness caused by the novel coronavirus that has infected over 2 million people worldwide.

Also read: Dr Reddy's CEO says repositioning existing drugs a faster way to find COVID cure

(With Reuters inputs)

First Published:Apr 17, 2020 6:40 AM IST