Ocugen Inc (NASDAQ: OCGN) in alliance with Bharat Biotech develops Covid vaccine – Covaxin, which can act against new coronavarius variants.
The new covid vaccine already showed its effectiveness in neutralizing the Indian, UK and the Brazilian coronavirus variants.
Covaxin proved its effectiveness even in severe cases of coronavirus in a preliminary phase 3 clinical trial. It already received EUA for use in India.
Owns licensing rights for Covaxin in the US
Ocugen holds licensing rights for this effective covid vaccine in the US. Therefore, commercialization of Covaxin at right time would offer huge windfalls for Ocugen.
Gains commercial rights for Covaxin in Canada
Ocugen gained commercial rights for new covid vaccine – Covaxin in Canada.
The company expanded its commercialization, supply, and co-development agreement with Bharat Biotech to include commercial rights in Canada.
Dr. Shankar, Ocugen’s Chairman, is excited that expanded commercial rights for Covaxin in Canada and speaks about their strong association. He said the company would explore commercialization opportunities for Covaxin in other nations worldwide and save several million lives from the clutches of deadly coronavirus.
The company seeks EUA for Covaxin in the US. It will also put in efforts to introduce Covaxin in Canada by applying for interim Emergency Use Authorization. Shankar said it has a potential to protect several valued lives worldwide from the emerging variants and existing coronavirus.
Bharat Biotech’s CMD, Dr. Krishna, said its Covid vaccine demonstrated its efficacy and safety in the clinical trials conducted on humans. The company received EUA for its Covaxin in India and several people are inoculated with this innovative and effective Covid vaccine.
Targets vaccinating children worldwide
Bharat Biotech’s target is to inoculate several million people including children worldwide by providing global access to its Covaxin. It already established a pact with Ocugen to introduce its vaccine in Canada and the US.
Bharat Biotech qualifies for an upfront payment for granting commercialization rights of Covaxin to Ocugen. It is also entitled to milestone payments upon commercialization in Canada.
The President of the US, Joe Biden, said 70% of the US population would get vaccinated on or before July 4, 2021. However, some people are skeptic about side effects of the Covid vaccines.
Almost 32% of the population in the US is fully inoculated and more than 45% received their first dose. Ocugen expects to market 100 million vaccines in the US.