Naturally Splendid Enterprises Ltd (CVE:NSP) (OTCQB:NSPDF) announced Tuesday that it has received a Notice of Authorization from Health Canada to proceed with a Phase 2 clinical trial for a potential COVID-19 treatment utilizing the target drug Cavaltinib.
Cavaltinib has been shown to inhibit cytokines, which are small proteins released by many different cells in the body, including those of the immune system where they coordinate the immune and inflammatory response against infection or other triggers. The company believes Cavaltinib will show the same positive results in mitigating the 'cytokine storm' with COVID-19 patients.
“This is of course a significant step forward in our pursuit of a COVID-19 treatment made even more important as we see additional waves of the virus continue to spread," Naturally Splendid CEO Craig Goodwin said in a statement. "The hope remains high that Cavaltinib will provide relief for those afflicted with COVID. We also anticipate the clinical trial to provide additional indications where Cavaltinib may be effective."
The Phase 2 clinical trial will be completed by the Plasm Pharmaceutical Inc (PLASM) team, a joint venture in which Naturally Splendid owns 16%. Naturally Splendid will receive a 10% royalty on gross sales of all PLASM products.
Naturally Splendid Enterprises also operates a Safe Quality Food Level 2 certified food manufacturing facility just outside Vancouver, British Columbia, owning recognized brands such as Natera Sport, Natera Hemp Foods, CHII, Elevate Me, and Woods Wild Bar. The company has developed proprietary technologies for the extraction of high demand, healthy omega 3 and 6 oils from hemp.
Shares in the company added 20% in Toronto on Tuesday to stand at C$0.060 each.
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