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Summary
- Ocugen stocks are currently trending on the stock markets, having recorded a nearly 37 per cent jump on Friday, February 26.
- The stocks have jumped by nearly 456 per cent since the beginning of the year, registering a fresh 52-week high of US$ 18.77 on February 8.
- The biopharmaceutical company is a specialist in developing gene therapies for blindness diseases.
Stocks of biopharmaceutical company Ocugen Inc (NASDAQ:OCGN, OCGN:US) have been picking up pace since it entered the COVID-19 vaccine scene earlier in February. The stocks have jumped by nearly 456 per cent since the beginning of the year, registering a fresh 52-week high of US$ 18.77 on February 8.
Ocugen stocks are currently trending on the stock markets, having recorded a nearly 37 per cent jump on Friday, February 26.
A specialist in developing gene therapies for blindness diseases, Ocugen made headlines last month after it partnered with Indian vaccine maker Bharat Biotech to codevelop and market its COVID shot candidate, Covaxin, in the US. Ocugen is reportedly in the course of discussing Covaxin’s Emergency Use Authorization (EUA) with the US Food and Drug Administration (FDA).
Let’s learn a bit more about this deal to understand its impact on Ocugen’s performance.
Ocugen-Bharat Biotech Deal
Ocugen and Bharat Biotech announced their definite agreement on February 2, which gave the Pennsylvania-based firm the rights to develop, seek regulatory approval for and commercialize Covaxin in the US market.
©Kalkine Group 2020
The deal stated that once Ocugen secures the EUA from the FDA, Bharat Biotech will supply the initial doses of Covaxin and help out in transferring the manufacturing technology to the US.
In terms of marketing the vaccines, Ocugen is set to keep about 45 per cent of the profits generated from the US sales, while Bharat Biotech pockets the rest.
As Ocugen seeks to make a place for itself in the COVID-19 vaccine race, it has put together an advisory board of six experts with industrial and academic backgrounds to look into the vaccine development process including. The biotech firm also raised a capital of about US$ 23 million earlier in February in a direct offering to institutional investors.
What is Covaxin’s report?
Bharat Biotech has been developing its COVID-19 vaccine candidate in partnership with Indian virology research institute National Institute of Virology (NIV). The vaccine is produced using a vero cell manufacturing platform, and is said to have recorded a supply report of over 300 million doses.
Ocugen pointed in its statement that Covaxin posted “strong immune response” against several antigens in its test and is shown to create memory T-cell responses that indicate longevity and rapid antibody reaction to infections in the future. The shot is said to be packed in multi-dose vials which can be stored at a temperature of 2 to 8 degree Celcius.
Bharat Biotech is said to be in the process generating its Phase 3 trial results by March.
