The share price of Ocugen Inc. (OCGN) is increasing rapidly after the recent amount of phase 3 trial of Covid vaccine COVAXIN which the company is developing with the partnership of Bharat Biotech.
The company announcement said that the COVAXIN demonstrated a vaccine efficacy of 81% in phase three trial in India. The OCGN share price increased 8.96% on March 3 after the news hit the market and it increases in the after-hour market by 4.59%. Investors are watching this new development closely and it is expected that the share price will rise when the market will open on March 4.
Chairman of the Board, Chief Executive Officer, and Co-founder of OcugenDr Shankar Musunuri said that the interim efficacy results are very excited news for us which will help us towards outlining the regulatory pathway for EUA and approval in the United States.
Dr. Bruce Forrest who is a member of the vaccine scientific advisory board of Ocugen said that the results mark a milestone in the development of another crucial vaccine for the US market. Our results show that the COVAXIN has induced responses against multiple protein antigens of the virus potentially reducing the possibility of mutant virus escape
COVAXIN’s Interim Phase 3 Results
The trial results enrolled 25,800 people age between 18-91 years old. The primary concern of phase 3 based on the first occurrence of PCR-confirmed symptomatic (mild, moderate or severe) COVID-19 with onset at least 14 days after the secondstudy vaccination in serologically negative (to SARS-CoV-2) adult participants at baseline.
The first interim analysis is based on 43 cases, of which 36 cases of COVID-19 were observed in the placebo group versus 7 cases observed in the COVAXIN group, resulting in a point estimate of vaccine efficacy of 80.6%.
The company Bharat Biotech will share more details of the trial as soon as additional data become available. Also, more trial is planned for 87 cases and final analysis is planned for 130 cases. All data will be published according to medical standards.
COVAXAIN is the Bharat Biotech COVID vaccine, developed in collaboration with the Indian Council of Medical Research (ICMR) – National Institute of Virology (NIV). COVAXIN trial shown the advantage of generating memory T cell responses, for its multiple epitopes, indicating longevity and rapid antibody response to future infections. The safety profile of COVAXIN is more superior to other vaccines according to the data submitted. Also, it is packed in multi-dose vials that can be stored at 2-8oC. unlike Pfizer which required a specific temperature for storage.
Bharat Biotech has established an excellent track record of innovation with more than 145 global patents, a wide product portfolio of more than 16 vaccines, 4 bio-therapeutics, registrations in more than 123 countries. The company has delivered more than 4 billion doses of vaccines worldwide.
Ocugen, Inc. is a biopharmaceutical company focused on discovering, developing, and commercializing gene therapies to cure blindness diseases and developing a vaccine to save lives from COVID-19.