Shares of Biosig Technologies Inc.
plunged 39.0% in active morning trading Monday, enough to pace all Nasdaq decliners, after the medical technology company halted a trial of its COVID-19 treatment given disappointing results. Trading volume was 2.0 million shares, already nearly triple the full-day average of about 693,000 shares. The company’s oral merimepodib, in combination with intravenous remdesivir in adult patients with advanced COVID-19 was undergoing a Phase 2 trial. The company said that all 22 grade 4 patients discharged from the hospital did not relapse during the 37-day follow-up period, but grade 3 patients had “markedly” different outcomes. “Specifically, the unblinded [Safety Monitoring Committee) detected an imbalance in survival rates in these NIAID Grade 3 patients between the placebo and merimepodib making it unlikely that the trial would meet its primary safety endpoints,” the company stated. Therefore, Biosig elected to stop enrollment in the trial, and does not intend to further develop merimepodib. The stock has shed 48.3% year to date, while the iShares Nasdaq Biotechnology ETF
has climbed 11.9% and the S&P 500
has gained 5.2%.