Tiny Biotech Stock Triples After FDA Authorizes Dermatitis Study

(Bloomberg) -- Edesa Biotech Inc. shares tripled after the U.S. Food and Drug Administration said the company could proceed with its clinical study of a potential new treatment for dermatitis.

The stock jumped a record 220% on Thursday to its highest level since May 31. The company’s market value is now about $73 million. Edesa expects to enroll the first patient in the mid-stage trial of its drug, EB01, in the coming quarter.

To contact the reporter on this story: Tatiana Darie in New York at tdarie1@bloomberg.net

To contact the editor responsible for this story: Catherine Larkin at clarkin4@bloomberg.net

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