An anti-viral drug has failed in its first randomized test, a setback for hopes to find ways to treat the new coronavirus, according to a report on Thursday.

The Financial Times newspaper first reported on the draft study of the drug remdesivir, which was published accidentally by the World Health Organization and subsequently deleted.

Gilead Sciences, the drug maker, saw its stock price drop sharply on the news, leading US markets lower, with the S&P 500 erasing its gains on the day, ending the session flat.

Markets have been jumpy, moving on headlines and reflecting uncertainty.

The company put out a statement saying the study results were “inconclusive” and argued “the post included inappropriate characterizations of the study.”

Gilead said the study was “terminated early due to low enrolment,” and more rigorous research is due later this month.

A US National Institutes of Health research study is likely to come towards the end of May and will be viewed as more conclusive.

The study, since taken offline by the WHO, said the drug did not lead to improvements for patients. The study was conducted in China and looked at 237 patients, of whom 158 were on the drug, according to the Financial Times report.

Gilead said “trends in the data” still suggested possible benefits for patients who were treated early, before their condition worsened, but cautioned that much is still not known.

In addition to ongoing research into treatment, there are also vaccine trials in the early stages, though experts warn the development of one may take until next year.

Effective treatment or a vaccine will help facilitate a swifter return to economic normalcy, amid a sharp slowdown as segments of the economy have been shuttered to help contain the spread of the new coronavirus.

Source: dpa/MIA