COVID-19: Strides Pharma gets DCGI nod to conduct favipiravir trials in India

Strides' announcement comes after Glenmark Pharmaceuticals said last month it became the first pharma company in the country to get the nod to conduct favipiravir trials. The Mumbai-based company has initiated late-stage clinical trials and expects study results by July or August.

Favipiravir is manufactured under the brand name Avigan by a unit of Japan's Fujifilm Holdings Corp and was approved for use as an anti-flu drug in the country in 2014.

However, on Wednesday, Kyodo News reported that so far there has been no clear evidence of efficacy for Avigan in treating the novel coronavirus in some clinical trials.

Strides late on Wednesday posted a fourth-quarter consolidated net loss of Rs 207 crore ($27.35 million), as it made a Rs 113 crore write-down of inventory and other expenses related to withdrawal of ranitidine products.

The company's shares rose as much as 5.3 percent to a two-week high in early trade, but pared some gains and were last up 1.8 percent at 10 am.

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