FSD Pharma Inc. [NASDAQ: HUGE] has submitted an Investigational New Drug (IND) application to the US Food and Drug Administration (FDA) to gain approval for the use of FSD201 to treat COVID-19 patients, the company disclosed today.

FSD201 has anti-inflammatory properties that are proven to be useful to avoid cytokines storm linked with acute lung injury in hospitalized COVID-19 patients.

FSD share traded up 6.23% during the trading session of Friday. This company has an opening price of $3.04 and closed at $3.24. HUGE has a day low and high range of $3.00-$3.25, respectively.

It had a trading volume of 475.46K as compared to the average volume of roughly 932.84K. This company has a total market capitalization of 42.06 million.

In the past 52-weeks of trading, this company’s stock has fluctuated between the low of $2.39 and a high of $17.49. Its shares traded up 35.56% from its 52-weeks low and traded down -81.47% from its 52-weeks high.

The FSD201 COVID-19 trail will be conducted at 25-30 sites to check the safety and efficacy of FSD201. Furthermore, the Board of Directors has given the official approval regarding the issuance of additional 369,255 class B subordinate voting shares to certain of the directors, officers, employees, and consultants of the company. This step is taken to provide the share-based compensation.

Additionally, it is also disclosed that Dr. Raza Bokhari has got 805,802 Class B Shares instead of cash compensation for his services as CEO and Executive Co-Chairman of the Company. Dr. Bokhari has now gained ownership of approx. 8.5% of issued and outstanding class B shares. He also has control over  33.3% of the outstanding Class A multiple voting shares of the company.