Stock Alert: Taiwan Liposome Gains 30% On Approval To Initiate COVID-19 Treatment Trial

(RTTNews) - Shares of Taiwan Liposome Company, Ltd. (TLC) jumped over 30% on Wednesday morning after the company received approval in Australia to initiate phase 1 trial of COVID-19 treatment.

TLC is currently trading at $5.77, up $1.42 or 32.64%, on the Nasdaq.

The clinical-stage pharmaceutical company announced it received ethical and scientific approval from the Bellberry Human Research Ethics Committee in Australia for its phase I clinical trial of TLC19 Hydroxychloroquine Liposome Inhalation Suspension for COVID-19.

The phase 1 study will evaluate the safety, tolerability, and pharmacokinetics of single ascending doses of inhaled TLC19 in 30 healthy volunteers.

The approval comes after the acceptance of TLC's investigational new drug application with the Taiwan Food and Drug Administration yesterday.