Strides Pharma receives regulatory approval to conduct trials in India for potential COVID-19 drug

Bengaluru: Indian pharmaceutical company Strides Pharma 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 (DCGI) 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 Glenmark Pharmaceuticals Ltd said last month it became the first pharma company in the country to get the nod to conduct favipiravir trials.

Click here to follow LIVE updates on coronavirus outbreak

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.

Click here to follow LIVE news and updates on stock markets

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

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

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

Updated Date: May 25, 2020 15:37:17 IST



Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

CORONAVIRUS

COVID-19 Information Centre

  • 24 hrs. helpline no. -
  • +91-11-23978046
  • 24 hrs. toll free no. -
  • 1075

India

  • Active Cases

  • Total Confirmed

  • Cured/Discharged

  • Total DEATHS

*change over the previous day
Data Source: Ministry of Health and Family Welfare, India
Updated: May 25 (08 AM)
Hospitals & Testing centres

World

  • Active Cases

  • Total Confirmed

  • Cured/Discharged

  • Total DEATHS

*change over the previous day
Data Source: Johns Hopkins University, U.S. (www.jhu.edu)
Updated: May 25 (08 AM)
Hospitals & Testing centres