Glenmark Pharmaceuticals jumped 5.49% to Rs 347.80 after the company said it received approval from India's drug regulator to conduct clinical trials on Favipiravir antiviral tablets for COVID-19 patients.
Glenmark Pharmaceuticals on 30 April 2020 announced that it has received approval from the DCGI (Drug Controller General of India), the regulator in India to conduct clinical trials on Favipiravir antiviral tablets on COVID-19 patients. The product is a generic version of Avigan of Fujifilm Toyama Chemical Co., Japan, a subsidiary of Fujifilm Corporation.Favipiravir has demonstrated activity against influenza viruses and has been approved in Japan for the treatment of novel influenza virus infections. Recently in the past few months, post the outbreak of COVID-19, multiple clinical trials have been initiated on COVID-19 patients in China, Japan and in the US.
Having internally developed the API and the formulations for the product, Glenmark filed the product for clinical trials with the DCGI and has received approval for conducting the trial on mild to moderate patients.
As on date, Glenmark is the first pharmaceutical company in India to be given an approval by the regulator to start the trial on COVID-19 patients in India. Treatment duration is a maximum of 14 days and the total study duration will be maximum for 28 days from randomization.
"After having successfully developed the API and the formulations through its in-house R&D team, Glenmark is all geared to immediately begin clinical trials on Favipiravir on COVID-19 patients in India. The clinical trial will let us know the efficacy of this molecule on COVID-19 patients," said Sushrut Kulkarni, executive vice president - Global R&D, Glenmark Pharmaceuticals. He also added, "If the clinical trials are successful, Favipiravir could become apotential treatment for COVID-19 patients."
Glenmark Pharmaceuticals is a global research-led pharmaceutical company with presence across generics, specialty and over-the-counter (OTC) business with operations in over 50 countries. Glenmark's key therapy focus areas globally are respiratory, dermatology and oncology.
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On a consolidated basis, the drug maker reported 64% rise in net profit to Rs 190.74 crore on a 5.1% increase in net sales to Rs 2638.62 crore in Q3 December 2019 over Q3 December 2018.
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