RedHill Biopharma (NASDAQ:RDHL) announced its COVID-19 treatment candidate showed promising results in laboratory test.

Opaganib demonstrated “potent inhibition” of SARS-CoV-2, the virus that causes COVID-19, in an in vitro model of human lung bronchial tissue.

READ: Anger as US snaps up supplies of Gilead coronavirus treatment Remdesivir

It also compared favourably with remdesivir, the treatment developed by Gilead Sciences, Inc. (NASDAQ:GILD) and used in the US.

The candidate is under evaluation in global Phase 2/3 and US Phase 2 studies on humans for the treatment of severe COVID-19 pneumonia.

“We are accelerating progress toward our goal of generating a robust data package to potentially support emergency use authorisations for COVID-19,” said Mark L. Levitt, medical director at RedHill.

Shares advanced 10% to US$8.16 on Tuesday.