Pharmaceutical company Taiwan Liposome’s (NASDAQ: TLC) stock has jumped premarket after the company announced that the Bellberry Human Research Ethics Committee in Australia has approved the company’s Phase 1 trial of TLC19.
TLC19 is a drug that the company says has shown potential for treatment in COVID-19.
The approval comes hot on the heels of yesterday’s acceptance of TLC’s investigational new drug application with the Taiwan Food and Drug Administration.
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“We very much look forward to launching TLC19’s Phase 1 trial with the support of experienced, high-quality partners in Taiwan as well as in Australia, which has an efficient and globally recognized regulatory environment with the bonus of government incentives and benefits and is a great place to conduct clinical trials for time-sensitive projects like TLC19.
“The receipt of this ethics approval is an important step in our clinical trial notification (CTN) application process,” said George Yeh, President of TLC.
The Phase 1 trial will evaluate the safety and tolerability of single doses in 30 healthy volunteers with the Australian government offering a rebate of 40% or more on clinical trial spending under its tax incentive program.
TLC’s share price has skyrocketed after the news, currently trading at $9, up 104.55% from yesterdays close of $4.40 per share.
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