Biocon jumps 10%, hits 52-week high as DCGI approves use of Itolizumab on Covid-19 patients
The drug, which is also used to cure the skin disease psoriasis, was cleared by the Drug Controller General of India (DCGI) for usage in India.
Updated:
Biocon's Itolizumab approved for COVID-19 treatment: All you need to know
NEW DELHI: Shares of Biocon surged 10 per cent in Monday's trade to hit a fresh 52-week high after the drug maker said it has received approval for use of its biologic drug Itolizumab to treat moderate to severe Covid-19 patients.
The drug, which is also used to cure the skin disease psoriasis, was cleared by the Drug Controller General of India (DCGI) for usage in India.
Shares of biotechnology major climbed 9.82 per cent to hit a high of Rs 455 on BSE.
The DGCI earlier this month gave its approval to Zydus Cadila to start phase I and phase II human clinical trials of its Covid-19 vaccine. Hyderabad-based Bharat Biotech's COVAXIN has also been approved for trials.
"The randomised control trial indicated that all the patients treated with Itolizumab responded positively and recovered," Kiran Mazumdar-Shaw, the firm's executive chairperson said in a BSE filing.
The control group which did not receive Itolizumab unfortunately suffered deaths, she said, adding that the "first-in-class" drug will save lives and help reduce the mortality rate in India.
India recorded 27,114 coronavirus cases in the last 24 hours. The South Asian country's coronavirus case tally has made it the nation with the third-biggest outbreak, behind only the United States and Brazil in confirmed infections.
The drug, which is also used to cure the skin disease psoriasis, was cleared by the Drug Controller General of India (DCGI) for usage in India.
Shares of biotechnology major climbed 9.82 per cent to hit a high of Rs 455 on BSE.
The DGCI earlier this month gave its approval to Zydus Cadila to start phase I and phase II human clinical trials of its Covid-19 vaccine. Hyderabad-based Bharat Biotech's COVAXIN has also been approved for trials.
"The randomised control trial indicated that all the patients treated with Itolizumab responded positively and recovered," Kiran Mazumdar-Shaw, the firm's executive chairperson said in a BSE filing.
The control group which did not receive Itolizumab unfortunately suffered deaths, she said, adding that the "first-in-class" drug will save lives and help reduce the mortality rate in India.
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Clinical studies involving the drug are being closely watched as nations look for treatments for the disease that has infected over 820,000 people and killed over 22,000 in India.India recorded 27,114 coronavirus cases in the last 24 hours. The South Asian country's coronavirus case tally has made it the nation with the third-biggest outbreak, behind only the United States and Brazil in confirmed infections.
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