Strides Pharma To Conduct Trials For Potential Covid-19 Drug Favipiravir

Indian pharmaceutical company Science Ltd said on Thursday it has got regulatory approval to conduct clinical trials of antiviral drug favipiravir, considered a potential treatment for Covid-19.

The Bengaluru-based company has received approval from the Drug Controller General of India to conduct trials of favipiravir in the country, Strides Founder and Non-Executive Chairman Arun Kumar said on a post-earnings conference call, without giving any more details.

Strides' announcement comes after Ltd said last month it became the first pharma company in the country to get the nod to conduct favipiravir trials. The Mumbai-based company has initiated late-stage clinical trials and expects study results by July or August.

 

Favipiravir is manufactured under the brand name Avigan by a unit of Japan's Fujifilm Holdings Corp and was approved for use as an anti-flu drug in the country in 2014.

However, on Wednesday, Kyodo reported that so far there has been no clear evidence of efficacy for Avigan in treating the novel in some clinical trials.

Strides late on Wednesday posted a fourth-quarter consolidated net loss of Rs 2.07 billion ($27.35 million), as it booked a Rs 1.13 billion write down of inventory and other expenses related to withdrawal of ranitidine products.

The company's shares rose as much as 5.3 per cent to a two-week high in early trade, but pared some gains and were last up 1.8 per cent at 0430 GMT.

 

RECENT NEWS

JPMorgan Deploys AI Chatbot To Revolutionize Research And Productivity

JPMorgan has deployed an AI-based research analyst chatbot to enhance productivity among its workforce, with approximate... Read more

Private Equity And Banks: The Complex Web Of Leverage

Private equity has emerged as a significant force in the global financial landscape, driving substantial growth and inve... Read more

Financial Watchdog Highlights Unresolved Vulnerabilities In Shadow Banking Sector

The world’s leading financial stability watchdog has issued a warning about the unresolved vulnerabilities within the ... Read more

JPMorgan And Small Caps Lead Market Rally: A Sign Of Economic Optimism

In a week marked by strong financial performance, JPMorgan Chase & Co. reported a 25% rise in profits, and US small-... Read more

Big Banks Vs. Regional Banks: The Battle For Market Share

The financial industry is a competitive landscape where big banks and regional banks vie for market share. Each type of ... Read more

The Evolution Of Philanthropic Advisory Services In Private Banks

The landscape of philanthropic advisory services provided by private banks has undergone a significant transformation. T... Read more