Inclusion Criteria:  Be capable of understanding the investigational nature, potential risks and benefits of the study, and able to provide valid informed consent Be between 18 and 80 years of age and weigh at least 40 kg, inclusive, at time of informed consent Be confirmed positive for COVID-19 (SARS-CoV-2) infection as determined by validated clinical PCR assay or by a hospital validated serological test within 7 days of consent Symptomatic onset within 7 days of signing consent  Require hospitalization and meet the following:  Radiographic infiltrates by imaging (chest x-ray, CT scans) Able to maintain a SpO2 ≥ 93% at rest. Supplemental oxygen to a maximum 4L by low flow O2-delivery is allowed, but not required Meet 2 out of the 3 following criteria:  i. IL-6 < 150 pg/mL ii. CRP < 100 mg/L (10 mg/dL) iii. Ferritin < 1000 ng/mL  Women/men of reproductive potential must have agreed to use an effective contraceptive method during the study and for a minimum of 90 days after study treatment  Exclusion Criteria:  Weight less than 40 kg Be ventilator dependent or be diagnosed with ARDS or multi-system organ failure Have elevated oxygen requirement exceeding 4L oxygen by nasal cannula Expected intubation within 24 hours per investigators assessment Expected discharge from hospital within 72 hours of planned DVX201 date of infusion Have a known hypersensitivity to constituents of DVX201, such as DMSO or atinhistamine medications Have a history of symptomatic pulmonary or chronic pulmonary disease or severe asthma on chronic therapy for treatment Have a history of baseline requirement of supplemental oxygen prior to COVID-19 diagnosis Active autoimmune disorder or other medical condition requiring systemic immunosuppressive therapy (including steroids at > 5 mg prednisone or equivalent daily) Be pregnant or breast-feeding  Have inadequate organ function as defined by:  Acute or chronic kidney injury requiring intermittent or continuous venovenous hemodialysis or estimated GFR of < 60 mL/min/1.73 m2 Abnormal liver function defined by AST (aspartate aminotransferase), ALT (alanine aminotransferase) or alkaline phosphatase ≥ 5 times the upper limit of normal