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Last Updated : Jul 14, 2020 11:27 AM IST | Source: Moneycontrol.com

Biocon to launch COVID-19 drug; stock jumps 5%

Biocon said the approval of Itolizumab, from the DCGI, is based on the results from the successful conclusion of a randomized, controlled clinical trial at multiple hospitals in Mumbai and New Delhi.

 
 
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Shares of Biocon jumped almost 5 percent intraday on July 14 after the company said it will launch biologic drug Itolizumab for the treatment of moderate to severe COVID-19 patients at a price of around Rs 8,000 per vial.

The company has received approval from the Drugs Controller General of India (DCGI) to market Itolizumab injection 25mg/5mL solution for emergency use in India for the treatment of cytokine release syndrome in moderate to severe acute respiratory distress syndrome (ARDS) due to COVID-19.

Read more: Biocon to launch the drug for COVID-19 patients; priced at Rs 8,000 per vial

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Itolizumab will be manufactured and formulated as an intravenous injection at Biocon’s bio-manufacturing facility at Biocon Park, Bengaluru, said the company.

Biocon said the approval of Itolizumab, from the DCGI, is based on the results from the successful conclusion of a randomized, controlled clinical trial at multiple hospitals in Mumbai and New Delhi.

The study focussed on the safety and efficacy of Itolizumab in preventing CRS in moderate to severe ARDS patients due to COVID-19. The primary endpoints for the reduction in mortality rate were met and other key secondary endpoints for efficacy and biomarkers were also achieved, the company said.

“Itolizumab’s unique mechanism of action made it an ideal candidate for treating the ‘cytokine storm’, which is a leading cause of death in COVID-19 patients. I am pleased that our R&D and clinical teams delivered on this promising hypothesis in such a short period of time. It is a proud moment for all of us at Biocon and we would like more and more patients to benefit from this therapy," said Kiran Mazumdar-Shaw, Executive Chairperson, Biocon.

Shares of the company traded 3.17 percent up at Rs 427.75 on BSE around 11:10 hours. If the stock ends in the green, it will be its fifth consecutive session of gains.
First Published on Jul 14, 2020 11:27 am
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