OCGN stock gains on licensing deal for intranasal COVID-19 vaccine (NASDAQ:OCGN)
Clinical-stage biotech Ocugen, Inc. (NASDAQ:OCGN) announced a licensing deal with Washington University in St. Louis, MO, on Wednesday to introduce an intranasally delivered COVID-19 vaccine in the U.S., Europe, and Japan. Ocugen (OCGN) shares added ~7% in the pre-market trading in reaction.
The exclusive license agreement covers the development, production, and commercialization of the adenovirus-vectored vaccine in the targeted regions.
OCGN Chief Executive Dr. Shankar Musunuri noted its potential to become a booster option regardless of the initial COVID-19 vaccinations. “We look forward to working with U.S., European, and Japanese regulators to expedite development,” he added.
The company said that the intranasal vaccine, authorized for emergency use in India, is designed for protection during high viral transmission as it generates rapid local immunity in the nose, mouth, upper airways, and lungs where COVID-19 virus can enter the body.
In addition, it gives an alternative immunization option for those who are hesitant to injectable vaccines.
Another COVID-19 vaccine called Covaxin, for which OCGN has partnered with India-based Bharat Biotech is currently undergoing studies in the U.S. for use in those aged 18 years and older.
Quoted from Various Sources
Published for: Ipodifier