TrippBio, a biotechnology company, is launching a crowdfunding investment opportunity to develop a treatment for COVID-19, it was reported on Wednesday.

The company has a repurposed Food and Drug Administration drug (TD213) that has indicated high efficiency in eliminating COVID-19 in preliminary testing. The firm requires public support to start clinical trials and prepare the drug for commercialisation.

According to the company, research results have revealed that the product is able to prevent and decrease COVID-19 disease severity by reducing virus replication. Laboratory studies have indicated that TD213 can reduce the viral load by 90%.