Merck & Co. claims that its new drug, which was tested on patients infected with the SARS-CoV-2 virus, reduced hospitalizations and deaths significantly. If approved, the drug would be the first new pill to treat COVID-19.

A study revealed that patients who took a drug known as molnupiravir after suffering from COVID-19 symptoms experienced lower hospitalizations and deaths than those who took a placebo.

Among 298 patients taking the drug molnupiravir for 30 days, 7.3% died or were hospitalized, compared with 14.1% who took the placebo. The study involved over 2,000 patients. It was conducted in various countries across Europe and Latin America. About 10% of the participants were from the U.S.

The company released data from a study, which it says will be presented at a future medical meeting. A news report noted that the FDA is likely to greenlight the drug for home use.

The company, which created the popular lipid-lowering medication Zocor, said that the side effects were slightly more common in the placebo group than in the group that took the drug.

“It exceeded what I thought the drug might be able to do in this clinical trial. When you see a 50% reduction in hospitalization or death that’s a substantial clinical impact,” vice president of Merck research, Dr. Dean Li, said.

The US has approved one antiviral drug, remdesivir, and three antibody therapies for the treatment of COVID-19. However, these drugs have to be given by IV or injection and are not approved for emergency use.

The drug works by disrupting an enzyme that enables the coronavirus to reproduce itself.