(Reuters) - U.S. drug developer Ampio Pharmaceuticals Inc said on Friday it would begin an early stage study of its experimental treatment, Ampion, in COVID-19 patients after it received regulatory clearance from the U.S. Food and Drug Administration.
Shares of the company rose 14% to 65 cents before the opening bell.
The company, which is testing Ampion for the treatment of pain due to osteoarthritis in late-stage studies, said the drug may be effective in improving the health outcomes for patients with COVID-19.
There are no approved treatments for COVID-19, the respiratory illness caused by the new coronavirus, and several drugmakers have been rushing to test drugs that might prove to be effective in helping patients.
Reporting by Mrinalika Roy and Manas Mishra in Bengaluru; Editing by Vinay Dwivedi