Taiwan Liposome Co. Ltd. (NASDAQ: TLC) made progress in the fight against COVID-19 on Wednesday when it enrolled its first subject for its coronavirus treatment. This treatment differs from others because it is administered via an inhaler and includes the controversial hydroxychloroquine as part of the treatment.

The company previously received the go-ahead for this study from regulatory bodies in both Australia and Taiwan. The approval comes following the acceptance of Taiwan Liposome’s investigational new drug (IND) application with the Taiwan Food and Drug Administration last week.

In terms of the specifics, the first subject has been enrolled in the Phase 1 clinical trial of TLC19 for the treatment or prophylaxis of COVID-19. Ultimately, this study will evaluate the safety, tolerability and pharmacokinetics of single ascending doses of inhaled TLC19 in 30 healthy volunteers.

Management has said that it is very much looking forward to launching TLC19’s Phase 1 trial with the support of experienced, high-quality partners in Taiwan, as well as in Australia, which has an efficient and globally recognized regulatory environment with the bonus of government incentives and benefits and is a great place to conduct clinical trials for time-sensitive projects like TLC19.

Excluding Wednesday’s move, Taiwan Liposome stock had underperformed the broad markets with a retreat of about 14% year to date. In the past 52 weeks, the share price was down closer to 8%.

Taiwan Liposome stock traded up about 5% to $4.81 on Wednesday, in a 52-week range of $2.48 to $12.65. The consensus price target is $12.75.

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