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Biocon to launch most awaited DCGI approved COVID-19 drug Itolizumab; stock jumps five percent

Biocon to launch most awaited DCGI approved COVID-19 drug Itolizumab; stock jumps five percent

Biocon's shares have seen a rapid rise. The stock value has increased to almost five percent on July 14, after the firm announced that it would be launching the most anticipated and awaited biologic drug Itolizumab for the treatment of COVID-19 patients. The drug is priced at Rs. 8000 per vial. Biocon has received approval from the Drugs Controller General of India (DCGI) to market the injection, a 25mg/mL solution for immediate and emergency use in India.

"Itolizumab's unique mechanism of action made it an ideal candidate for treating the 'cytokine storm,' which is a leading cause of death in COVID-19 patients. I am pleased that our R&D and clinical teams delivered on this promising hypothesis in such a short period. It is a proud moment for all of us at Biocon. We want more and more patients to benefit from this therapy," said Kiran Mazumdar-Shaw, Executive Chairperson, Biocon.

The drug will help treat cytokine release syndrome, especially in patients with moderate to acute respiratory distress syndrome (ARDS) due to COVID-19. The drug will be manufactured as an intravenous injection at the bio-manufacturing facility of Biocon Park, Bengaluru. The drug has been approved based on successful and randomized clinical trials at multiple hospitals in Mumbai and New Delhi. The drug also has achieved secondary endpoints and biomarkers, the company said.


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