Wockhardt stock rallies as NIH to conduct trial of company#39;s antibiotic

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At 09:50am Wockhardt was trading at Rs 294.35 apiece on the BSE, up 1.92 percent, while the benchmark Sensex was up 831.15 points or 1.49 percent at 56,608.

Wockhardt

Wockhardt

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Shares of Wockhardt rose 3 percent in the early trade on March 16 after US-based National Institutes of Health (NIH) said that it will conduct trial of the pharma company’s MDR Gram-negative Antibiotic WCK 6777.

“The National Institute of Allergy and Infectious Diseases (NIAID), part of the National Institutes of Health (NIH), United States of America (USA) is supporting a Phase 1 clinical trial of Wockhardt’s novel once-a-day, multidrug-resistant (MDR) Gram-negative targeted

antibiotic WCK 6777,” Wockhardt said in a stock exchange filing today.

The trial will be conducted at NIAID’s Phase I clinical trial units in the USA.

NIAID will sponsor the investigational new drug (IND) application for the study.

The US Food and Drug Administration (US FDA) has granted a qualified infectious disease product (QIDP) designation to WCK 6777, which signifies its ability to meet unmet medical need and facilitates faster approval process, it added.

“We are honored that, NIH, USA would support phase 1 clinical development of WCK 6777 which upon development is expected to offer a much needed outpatient-parenteral antimicrobial therapy for MDR infections in ambulatory settings” said Dr Habil Khorakiwala, Founder and Executive Chairman of Wockhardt group.

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At 09:50am Wockhardt was trading at Rs 294.35 apiece on the BSE, up 1.92 percent, while the benchmark Sensex was up 831.15 points or 1.49 percent at 56,608.

The share touched a 52-week high of Rs 741.36 and a 52-week low of Rs 287.05 on 26 May, 2021 and 15 March, 2022, respectively.

Currently, it is trading 59.99 percent below its 52-week high and 3.33 percent above its 52-week low.