This is interesting story. Yet another case demonstrating how hard it is to achieve success in drug development.

Of note,

"Though disappointed with these topline results, treating moderate-to-severe COVID-19 is an exceptionally difficult patient population," said Leo Ehrlich, Chief Executive Officer at Innovation Pharmaceuticals. "Companies, such as Merck and Regeneron, also did not show clinical benefit in these groups of patients, although both went on to refocus their development efforts in mild-to-moderate COVID-19 and achieve success."

Apabetalone is currently being tested or will be tested in this "exceptionally difficult patient population", through DISTINCT mechanism of action. Apabetalone is touted as "antiviral" (as part of dual mechanism) but this is not antiviral drug per se. Apabetalone has anti-inflammatory mechanism on top of antiviral mechanism, which is crucial in advanced stage of COVID.

In other words, if it's proven trully effective in this "exceptionally difficult patient population", apabetalone has a fighting chance to become important COVID pill (to understate).