Regeneron Pharmaceuticals, Inc (NASDAQ: REGN) announced Tuesday that its antibody cocktail drug showed positive effects in non-hospitalized COVID-19 patients.

What Happened: Analysis of data from a 275 person study indicates that the REGN-COV2 drug cocktail led to reduced viral load and time to alleviate symptoms of COVID-19, Regeneron said in a statement.

A high dose of REGN-COV2 helped the viral load fall faster in the non-hospitalized patients, according to Regeneron. Patients who were classified as seronegative, that is, they had generated no measurable antiviral antibodies on their own, showed a better response to the treatment.

The placebo-controlled trial involved the intravenous administration of either a 2.4-gram-or-8-gram dose of the drug, according to the company. Regeneron said both doses were well-tolerated among the trial participants, with serious adverse events observed in three patients — two administered the placebo and one the low dose.

Why It Matters: Eric Topol, director of the Scripps Research Translational Institute, told Stat that the results shared by Regeneron aren't bad, but it can't be determined at this point in time whether the antibody cocktail will prove to be transformative.

"This doesn’t cut it, but it’s moving in the right direction, that’s for sure,” Topol said.

According to Regeneron President and Chief Scientific Officer George D. Yancopoulos, the drugmaker is already discussing the data with regulators and continuing its ongoing trials.

The Phase 2/3 part of the trial will recruit 1,300 patients and will last for 29 days.

In July, Regeneron signed a 0 million contract with the government to supply REGN-COV2 should the trials prove to be successful.

This month, Eli Lilly And Co’s (NYSE: LLY) LY-COV555 monoclonal antibody treatment for COVID-19 was found to be safe and effective in mild-to-moderate patients.

Companies such as GlaxoSmithKline plc (NASDAQ: GSK), AstraZeneca Plc (NYSE: AZN), Moderna Inc (NASDAQ: MRNA), and Pfizer Inc (NYSE: PFE) are also racing to develop a COVID-19 vaccine to prevent the disease.

Price Action: Regeneron shares gained almost 3% to $591 in the after-hours session after closing 0.3% higher on Tuesday.

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