Shares of Ocugen Inc. OCGN,
skyrocketed 31.0% in pre-market trading on Wednesday after the biopharmaceutical company said its co-development partner Bharat Biotech released an interim analysis of its Phase 3 trial of its candidate vaccine COVID-19, COVAXIN, which demonstrated 81% effectiveness. The Bharat Phase 3 trial in India involved 25,800 participants between the ages of 18 and 91, and the first provisional analysis is based on 43 cases. A review of the safety database showed serious, serious and health care adverse events occurring at low and balanced levels between the vaccine and placebo groups. “These results, which in part suggest significant immunogenicity against the rapidly emerging UK variant, represent an additional step in outlining the regulatory path for the U.S. and approval in the United States,” said Ocugen Chief Executive Shankar Musunuri . “COVAXIN, a candidate vaccine based on complete virion, is designed to fill a significant unmet need in our national COVID-19 vaccine arsenal.” Ocugen’s shares have soared 3,071.5% in the last three months, while iShares Nasdaq Biotechnology ETF IBB,
adhered to 6.8% and the S&P 500 SPX,
gained 5.6%.
