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May 23, 2022, 6:51 a.m. EDT

Ocugen shares jump premarket after FDA lifts clinical hold on trial of COVID-19 vaccine candidate

Ocugen Inc. shares (NAS:OCGN) jumped 9% premarket Monday, after the biotech said the Food and Drug Administration has lifted its clinical hold on Ocugen's Phase 2/3 trial of its COVID-19 vaccine candidate Covaxin. "We're extremely pleased that we can proceed with our clinical trials for COVAXIN(TM), our whole virus inactivated COVID-19 vaccine candidate. The need for delivering an additional, differentiated vaccine option, we believe, remains a priority," said Dr. Shankar Musunuri, CEO and co-founder of Ocugen in a statement. The company plans to restart the trial immediately. The hold came after a World Health Organization inspection of a facility of Bharat Biotech, the Indian company that developed the vaccine. Ocugen shares have fallen 51% in the year to date, while the S&P 500 (S&P:SPX) has fallen 18%.

Link to MarketWatch's Slice.