By Dhirendra Tripathi
Investing.com – Shares of Eli Lilly (NYSE:) were marginally negative as the company’s announcement that the phase 3 study of a drug for treating rheumatoid arthritis in Covid-19 patients had failed to meet its goals left traders disappointed.
Eli’s filing said patients treated with baricitinib were 2.7% less likely than those receiving standard of care to progress to ventilation or death, a difference found to be statistically insignificant.
Baricitinib is approved in the U.S. as a treatment for adults with moderate to severe rheumatoid arthritis and in the EU and Japan for treating atopic dermatitis.
Additional research is ongoing to further evaluate the potential role of baricitinib in Covid-19, the company said.
The pharmaceutical giant will share the data from the study with regulatory authorities in the U.S., the E.U. and other geographies to evaluate next steps for baricitinib.
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