Panacea Biotec hit an upper circuit of 5% at Rs 196.80 after the company announced successful completion of its Phase I/II study to evaluate the safety and immunogenicity of its vaccine, DengiAll, a single-dose live-attenuated tetravalent vaccine.
The vaccine induced robust, balanced neutralizing antibody responses against all the four Dengue virus serotypes. It has been found to be safe and well-tolerated with no serious adverse effects. After a single-dose, more than 80% of the participants showed more than a Tri-valent response and "'95% showed a multivalent response, the company said in a statement.According to the World Health Organization, Dengue represents one of the ten biggest global health threats, and it is critical that we have access to a safe and effective vaccine candidate that can reduce the devastating impact of Dengue fever in endemic regions.
Speaking on the occasion, Dr. Rajesh Jain, managing director, said "DengiAll's Phase 1/11 study results are even more important in the context of the Covid-19 pandemic. Co-infection of Dengue and Covid-19 in a Dengue endemic India may complicate approach to treatment and strain health care infrastructure. Panacea Biotec has already approached the DGCI to seek accelerated review of its data to bring DengiAIl to market quickly and reduce burden on our healthcare infrastructure."
Panacea Biotec's net loss stood at Rs 8.84 crore in Q1 June 2020 as compared with a net loss of Rs 29.21 crore in Q1 June 2019. Net sales jumped 208.10% to Rs 76.48 crore in Q1 June 2020 over Q1 June 2019.
Panacea Biotec is an innovation-led biotechnology group that focuses on discovery, development, and commercialisation of prescription medicines.
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Shares of Panacea Biotec have surged 126.83% from the 52-week low of Rs 86.76 hit on 13 March 2020. On the technical front, the stock's RSI (relative strength index) stood at 51.683. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading between its 50-day moving average (DMA) placed at 197.35 and its 200-day moving average (DMA) placed at 156.90.
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