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Biotech Stocks Facing FDA Decision In August 2020

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FDA Approvals
FDA Approvals

Ever since the pandemic began in March, clinical trials and potential drugs/vaccines related to COVID-19 have been grabbing the headlines. Currently, there are no FDA-approved drugs to treat COVID-19. However, Gilead’s Remdesivir is authorized for use under an Emergency Use Authorization (EUA) for the treatment of hospitalized patients with severe COVID-19.

Scientists led by Sumit Chanda, professor at Sanford Burnham Prebys Medical Discovery Institute, have identified 21 existing drugs, including Remdesivir, that stop the replication of the novel coronavirus that causes COVID-19, according to a study published in the journal Nature.

As for the progress in COVID-19 vaccine development, 25 candidate vaccines have advanced into clinical testing and 141 are in preclinical evaluation, according to the database maintained by the World Health Organization.

Although the pandemic has caused disruptions to clinical trials and has delayed drug approvals, the number of novel drugs approved so far this year (Jan –Jul) is 29 compared to only 17 during the same period last year.