Strides Pharma Sciences is hogging a lot of attention today morning. The stock opened 1% higher at Rs.378 and then soon jumped over 18% to hit an intraday high at Rs.442.45. Its UC is at 20% and today is at Rs.449.10.
The company announced today morning that it has developed and commercialized Favipiravir Antiviral tablets. The product is a generic version of Avigan® of Toyama Chemical, Japan.
Favipiravir is an antiviral medication that was initially developed to treat influenza in Japan. In February 2020, post the outbreak of Novel Coronavirus(Covid-19), Favipiravir was studied in China and several other countries as an experimental treatment of Covid-19.
The drug has demonstrated positive outcomes, including a reduction in the duration of Covid-19 and improved lung conditions for the patients.
Strides has developed Favipiravir tablets in 400mg and 200mg strengths for convenient dosage administration.
The product is currently being exported to GCC countries to treat patients under their treatment program for Covid-19.
Strides will also immediately apply to Indian Drug Authorities to commence necessary studies and make the drug available to Indian patients expeditiously.
Favipiravir tablets are being manufactured at Strides’ flagship facility in Bangalore, India. The facility can produce up to 6 billion units of solid orals annually and is approved by USFDA, MHRA, WHO, TGA among others.