Hopes build over Gilead drug as global case count grows

An experimental antiviral drug to treat COVID-19 patients has fanned high expectations in the fight against the coronavirus pandemic, which has gained a decisive foothold in the United States and continues to spread around the world.

Gilead Sciences (GILD) acknowledged Wednesday that its drug, remdisivir, has seen positive results in both a company-sponsored and National Institute of Health-run study — with the federal regulators reportedly prepared to bestow emergency approval on the drug, according to The New York Times.

The treatment has been a frontrunner in the treatment race for the global coronavirus pandemic after it was first tested in China, which ended as enrollment numbers fell short. However, Gilead’s stock has mostly reaped the benefit of high expectations in a market desperate for good news, despite skepticism about what early test results meant for a broader deployment strategy.

“The study demonstrates the potential for some patients to be treated with a 5-day regimen, which could significantly expand the number of patients who could be treated with our current supply of remdesivir,” Dr. Merdad Parsey, Gilead’s chief medical officer, said in a statement.

“This is particularly important in the setting of a pandemic, to help hospitals and healthcare workers treat more patients in urgent need of care,” she added.

The news sparked a market rally, and amplified hopes for containing the global outbreak, which has now claimed more than 3.1 million lives and killed more than 218,000. In the U.S., more than 1 million are now infected, and killed more than 58,000, as officials debate how to safely relax lockdowns that are crippling the economy.