Shares of Invivyd (NASDAQ:IVVD) closed 42% increased Friday after the biotech firm introduced it had obtained FDA emergency use authorization, or EUA, for its COVID-19 prophylactic drug Pemgarda and launched Part 3 knowledge a few related product in improvement.

Invivyd inventory was up 10% in post-market buying and selling Friday night.

Earlier than market shut on Friday, Invivyd mentioned it had obtained FDA emergency use authorization for its remedy Pemgarda for the pre-exposure prevention of COVID-19 in sufferers who’re moderately-to-severely immunocompromised.

Invivyd mentioned Pemgarda, also called pemivibart, is accepted for sufferers aged 12 yr and older who’re immunocompromised as a consequence of medical circumstances, therapies or drugs and are unlikely to mount an satisfactory immune response to a COVID-19 vaccination.

The biotech firm mentioned that it expects the product to be out there within the US “imminently.” It added that it completed 2023 with an estimated $200.6M in money and equivalents.

Invivyd additionally launched interim exploratory knowledge from a Part 3 research for its drug candidate VYD222, which additionally it is creating as a pre-exposure prophylaxis therapy for COVID-19.

Extra on Adagio Therapeutics