Pharmadrug Inc (OTCMKTS:LMLLF) Stock Sees Buying At Lower Level After The Recent Fall
Pharmadrug Inc (OTCMKTS:LMLLF) stock was in focus as the stock ended higher on Tuesday after the recent consolidation after the company issues a news.
Market Action
In the previous trading session, LMLLF surged 16% to $0.0360. A total of 902K shares traded for the session hands, well above its average volume of 102k shares. The stock opened at $0.0336 and moved in a range of $0.0325 – 0.0439.
Key Trigger
PharmaDrug Announces pre-IND Meeting Request Granted by FDA for Oral Antiviral Drug Cepharanthine for the Treatment of COVID-19 Infection
Pharmadrug announced that the Company has been granted a Pre-Investigational New Drug (pre-IND) meeting with the U.S. Food and Drug Administration (FDA) for the clinical development of its patented enteric-coated formulation of cepharanthine (PD-001), an oral antiviral pill as a potential treatment for mild-moderate COVID-19.
The Company submitted a briefing package to the FDA, Office of Infectious Diseases, Center for Drug Evaluation and Research for cepharanthine and awaits further feedback on its proposed path toward human clinical development.
The pre-IND meeting is a critical step in the US regulatory approval process that is meant to develop mutual understanding and agreement between the FDA and the Company regarding content required to assess manufacturing, toxicology, pre-clinical studies, clinical trials design, and rationale to support subsequent human clinical trials. PharmaDrug anticipates a written response to its pre-IND briefing package by late-November 2021.
Key Quote:
Daniel Cohen, Chairman and CEO of PharmaDrug commented, “We are pleased to advance our patented, novel formulation of cepharanthine; a potential first-in-class oral antiviral medication for COVID-19. Forthcoming feedback from the FDA will provide us with critical information relevant to defining our parallel development paths for PharmaDrug’s cepharanthine programs in both COVID-19 and rare cancers.”