Shares of clinical-stage biopharmaceutical company Ocugen Inc. (OCGN) - Get Report jumped Tuesday after the company announced that it has selected a manufacturing partner for Covaxin, a coronavirus vaccine candidate.
Ocugen said it will partner with Jubilant HollisterStier of Spokane, Wash. to prepare for the potential commercial manufacturing of Covaxin for the U.S. and Canadian markets.
"We are fully committed to bringing Covaxin to the U.S. and Canadian markets because we believe it has the potential to save lives by adding a weapon to the arsenal in the fight against emerging variants [of COVID-19],” said Ocugen Senior VP J.P. Gabriel.
Ocugen shares jumped 8.2% to $6.64 per share Tuesday morning. They are up almost 2
In May, the company said that a new study found its coronavirus-vaccine candidate was potentially effective against the Brazil variant of COVID-19.
“Securing U.S.-based manufacturing capability is a critical step as we prepare to submit our regulatory submissions to the FDA and Health Canada," Gabriel said.
Covaxin was initially developed by India's Bharat Biotech in collaboration with the Indian Council of Medical Research. The vaccine has an efficacy rate of 78% overall and 100% against severe COVID-19 disease
"Based on Bharat Biotech’s strong track record of developing and commercializing vaccines globally and Jubilant’s proven track record in manufacturing, we are well-prepared to transition U.S. manufacturing of Covaxin to our new partner," Gabriel noted..
"With two facilities in North America working to manufacture multiple COVID-19 vaccines and therapies, we remain committed to supporting efforts to eradicate this global pandemic,” said Jubilant CEO Pramod Yadav.
The vaccine generates strong immune response against multiple antigens and has been shown to generate memory T cell responses.