The study of the monoclonal antibody called bamlanivimab was initially paused by the company on October 13 out of "an abundance of caution", because of a potential safety concern.
But today, the National Institute of Allergy and Infectious Diseases, which sponsors the study, said a closer look did not verify a safety problem but found a low chance that the drug would prove helpful for hospitalised patients.
Lilly said it intends to request emergency use authorization (EUA) from the FDA for its dual antibody therapy as soon as November.
After reviewing updated data from the study, however, the independent board on Monday found no significant differences in safety outcomes between patients getting the Lilly drug and those on placebo.
The examine aimed to judge whether or not Eli Lilly and Co.'s antibody remedy was efficient in folks hospitalized for COVID-19 who had been additionally receiving remdesivir, the antiviral drug developed by Gilead Sciences.
The decision to end this study does not put an end to Lilly's investment in the experimental therapy.
Some 326 patients had been enrolled in the study, and researchers will continue to follow them for 90 days.
Arnold Schwarzenegger tweets from Cleveland after heart procedure at Cleveland Clinic
Schwarzenegger included photos of him giving a thumbs up in the hospital and posing in front of different statues in the city. A procedure like this is undoubtedly a serious one, especially since the actor had a new pulmonary valve replaced prior.
It recognizes the virus once a person is infected and attaches to the spike-shaped protein the virus uses to infect cells, preventing the pathogen from spreading throughout the body.
In a statement Lilly notes that the government is continuing a separate study testing the antibody drug in mild to moderately ill patients, to try to prevent hospitalisation and severe illness. They attach to the virus to kill it.
The company has asked USA regulators to allow emergency use for two of its potential COVID-19 treatments.
The blood of COVID-19 survivors, known as convalescent plasma, is now being tested as a treatment for patients because it contains these antibodies.
The drugs that Lilly and other companies are testing are concentrated versions of specific antibodies, which can be produced in mass doses.
Lilly's inventory value slid about three.2 % in premarket buying and selling Tuesday to $137.19 as of seven:49 a.m. after the corporate reported third-quarter web earnings of about $1.2 billion, down four % from the prior-year interval. Instead, researchers said, "bamlanivimab is unlikely to help hospitalized COVID-19 patients recover from this advanced stage of their disease".
The drugmaker said its net income fell 4% to US$1.21 billion, partly due to $125 million in research and development costs for developing potential COVID-19 treatments.