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Oct. 26, 2020, 11:04 a.m. EDT

Biosig stock plunges to lead Nasdaq losers after trial of COVID-19 treatment halted

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By Tomi Kilgore

Shares of Biosig Technologies Inc. /zigman2/quotes/202404199/composite BSGM +3.64% 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 /zigman2/quotes/206189322/composite IBB +0.51% has climbed 11.9% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.16% has gained 5.2%.

/zigman2/quotes/202404199/composite
US : U.S.: Nasdaq
$ 4.55
+0.16 +3.64%
Volume: 295,998
Nov. 25, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$137.63 million
Rev. per Employee
N/A
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/zigman2/quotes/206189322/composite
US : U.S.: Nasdaq
$ 138.95
+0.70 +0.51%
Volume: 1.08M
Nov. 25, 2020 4:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,629.65
-5.76 -0.16%
Volume: 2.32B
Nov. 25, 2020 5:33p
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