The past few weeks have been a highly crucial period for CytoDyn Inc (OTCMKTS:CYDY), and on Monday, the company hit another major milestone. The company finally moved on from being a company at the developmental stage to one that is now a commercial operation.
Big News Out
On Monday, the company submitted the last two parts that are required for a license for leronlimab from the United States Food and Drug Administration. The company wants the license in order to use leronlimab as part of the combination that can be used for active antiretroviral therapy for patients who are suffering from AIDS.
It is a major development for the company and created a certain degree of positivity around the stock as well. CYDY stock rallied by as much as 17% on yesterday, and it came as no surprise when it hit a new high of $3.74 a share. On the other hand, the company also announced that Michael D. Mulholland had been appointed as the new Chief Financial Officer at CytoDyn. He had been serving as the Senior VP at Finance and as an advisor to the CEO at CytoDyn all this while.
However, that is not all. There have been important developments with regard to CytoDyn in April. Earlier on in April, it emerged that the company’s experimental product leronlimab was going to be allowed to have emergency access by the UK’s Department of Health, for treating coronavirus positive patients. Considering the scale of the pandemic, it is, without a doubt, a major deal for CytoDyn.
On the other hand, the company informed on April 6 that it enrolled two patients in its Phase 2 trial of leronlimab for the treatment of those infected with the coronavirus. It is quite clear that April has been a particularly eventful month for the company, and investors could do well to keep an eye on CYDY stock over the coming days.