Stock Alert: RedHill Biopharma Shares Up 23% In Pre-Market

(RTTNews) - Shares of RedHill Biopharma Ltd. (RDHL) are rising over 23% in pre-market today, after the company announced that the first patient with confirmed coronavirus (COVID-19) diagnosis has been dosed with the company's proprietary investigational new drug, opaganib (Yeliva, ABC294640)1, at a leading hospital in Israel.

The company noted that the treatment is administered under a compassionate use program in accordance with the Israeli Ministry of Health guidelines, with additional patients expected to be treated in the coming days.

"The treatment of COVID-19 patients with opaganib is supported by pre-clinical data demonstrating its unique anti-viral activity in a number of other viruses, as well as its anti-inflammatory activities and potential to reduce lung inflammation. In addition, clinical data to date have indicated safety and tolerability in healthy volunteers and cancer patients," said Mark L. Levitt, MD, Ph.D., Medical Director at RedHill.

The company is also preparing for potential ramp-up of manufacturing of opaganib. Opaganib, a new chemical entity, is a proprietary, first-in-class, orally-administered, sphingosine kinase-2 (SK2) selective inhibitor with anticancer, anti-viral and anti-inflammatory activities, targeting multiple oncology, inflammatory and gastrointestinal indications.

The stock has been trading in the range of $3.26 - $8.86 for the past one year, and closed Friday's trade at $4.76, down 42 cents or 8.11%. RDHL is currently trading at $5.86, up $1.10 or 23.11% in the pre-market trading session.