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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

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By Ciara Linnane

Ocugen Inc. shares /zigman2/quotes/208160861/composite OCGN +6.61% 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 /zigman2/quotes/210599714/realtime SPX +1.06% has fallen 18%.

/zigman2/quotes/208160861/composite
US : U.S.: Nasdaq
$ 2.42
+0.15 +6.61%
Volume: 5.35M
July 1, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$521.90 million
Rev. per Employee
N/A
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/zigman2/quotes/210599714/realtime
US : S&P US
3,825.33
+39.95 +1.06%
Volume: 2.20B
July 1, 2022 5:45p
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