Stocks fall on the report
The FT is out with a report. This news has taken down the entire market and USD/JPY.
From the FT, which cites WHO documents that were briefly and mistakenly published on the WHO website.
A potential antiviral drug for the coronavirus has flopped in its first randomised clinical trial, disappointing scientists and investors who had high hopes for remdesivir, according to draft documents published accidentally by the World Health Organization and seen by the Financial Times.The Chinese trial showed remdesivir - developed by California-based Gilead Sciences - did not improve patients' condition or reduce the pathogen's presence in the bloodstream. Researchers studied 237 patients, giving the drug to 158 and comparing their progress with the remaining 79. The drug also showed significant side effects in some, which meant 18 patients were taken off it.
Here's what happened to USD/JPY:
Perhaps importantly, Gilead responded:
"Importantly, because this study was terminated early due to low enrolment, it was underpowered to enable statistically meaningful conclusions," it said. "As such, the study results are inconclusive, though trends in the data suggest a potential benefit for remdesivir, particularly among patients treated early in disease."
There are more trials underway.