After surging nearly 24% yesterday, OCGN dipped 4% in premarket trading

Tiger Newspress2021-05-04

(May 4) After surging nearly 24% yesterday, OCGN dipped 4% in premarket trading.

What happened

Shares of Ocugen(NASDAQ:OCGN)surged 23.8% on Monday after thebiotechnologycompany released promising data from a study of Covaxin, the COVID-19 vaccine candidate it hopes to bring to the U.S. market.

So what

Researchers at the Indian Council of Medical Research (ICMR) - National Institute of Virology believe Covaxin could protect against multiple coronavirus strains. Covaxin appeared to be effective against a variant from Brazil known as B.1.128.2. A previous study indicated that Covaxin could also protect against variants from the U.K. and India.

"Covaxin continues to show strong results in all the studies conducted to date," Ocugen co-founder and CEO Dr. Shankar Musunuri said in a press release. "We continue to believe this vaccine is a critical tool to include in our national arsenal to fight this pandemic."

Now what

Musunuri said Ocugen submitted a comprehensive drug master file to the U.S. Food and Drug Administration (FDA). The company is also preparing its application for an Emergency Use Authorization. Ocugen's agreement with its drug development partner, India-based Bharat Biotech, gives it a 45% share of any profits from the sale of Covaxin in the U.S., should it gain regulatory authorization.

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Comments

  • joyciology
    2021-05-07
    joyciology
     Comment 
  • TonyPhaLLeN
    2021-05-06
    TonyPhaLLeN
    Oh well
  • Turtlebizkit
    2021-05-05
    Turtlebizkit
    [Facepalm] 
  • 377tkr
    2021-05-05
    377tkr
    So different vaccines to combat different strains?Different target,no ending?
  • FlexK
    2021-05-04
    FlexK
    Dropping down trend
  • BlessedCyrus
    2021-05-04
    BlessedCyrus
    Will US approve giving that now they have sufficient vaccine from Pfizer and Monderna? 
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