The drugmaker Ocugen Inc (OCGN) has been surging nearly 4% at the start of the premarket session today. Before that, the previous session on Friday also came to be impressive for the stock as it closed with a rise of 36.87% to $10.95. Today’s premarket surged could be attributed to news surfaced from the Asian region that the Indian prime minister took his first vaccine shot today morning, which was of COVAXIN, a vaccine candidate the Ocugen has also been developing for U.S. markets in collaboration with an Indian firm.
What really is happening?
Biopharmaceutical company Ocugen, Inc. focuses its efforts on the discovery, development, and commercialization of gene therapies for the treatment of blindness diseases and has also been developing a vaccine to protect people from COVID-19. Its breakthrough gene therapy platform can treat a variety of retinal diseases by providing one therapy for multiple diseases. Innovative therapies for patients with chronic diseases such as wet macular degeneration, diabetic macular edema, and diabetic retinopathy will be available through its novel biologic candidate. Covaxin vaccine candidate for COVID-19 is being developed in the U.S. market by the company in conjunction with Bharat Biotech.
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It was announced last week that Ocugen’s OCU400 has been recommended by the European Medicines Agency (EMA) for the treatment of Leber congenital amaurosis and retinitis pigmentosa (RP).
- The European Commission has granted orphan medicinal product designation to the drug based on that recommendation.
- There are approximately 165,000 patients with RP in Europe and 40,000 patients with LCA in the region.
- According to estimates, approximately 2.0 million people reside in the world with RP, and 0.2 million suffer from LCA.
- An orphan medicinal drug designation in Europe offers certain benefits to a company while it develops drugs for treating, diagnosing, or preventing diseases and conditions that affect fewer than 5 out of 10,000 patients in the region.
- The government will assist companies in obtaining protocol assistance, reduced regulatory charges, research grants, and ten years of market exclusivity following regulatory approval of such designated products.
The Ocugen stock could continue the rally today that it has started in last trading, or can at least raise the investor’s sentiment for a while in pre-market as well as regular session today. However, its potential could be counted higher as its co-developed vaccine for vast market of India could bring in strong revenues at an accelerated pace.