Glenmark Pharma gains on launching FabiSpray in India

Glenmark Pharmaceuticals rose 1.90% to Rs 494.25 after the company launched Nitric Oxide Nasal Spray (FabiSpray) in India for the treatment of adult patients with COVID-19.

FabiSpray is used for the treatment of adult patients with COVID-19 who have high risk of progression of the disease. It is designed to kill the COVID-19 virus in the upper airways. It has proven anti-microbial properties with a direct virucidal effect on SARS-CoV-2. Nitric Oxide Nasal Spray (NONS) when sprayed over nasal mucosa acts as a physical and chemical barrier against the virus, preventing it from incubating and spreading to the lungs.

Glenmark earlier received manufacturing and marketing approval from the Drugs Controller General of India (DCGI) for NONS as part of the accelerated approval process.

The drug maker launched FabiSpray in partnership with Canadian pharmaceutical company SaNOtize Research & Development Corp. In July 2021, Glenmark entered into an exclusive long term strategic partnership with SaNOtize, to manufacture, market and distribute its breakthrough Nitric Oxide Nasal Spray for COVID-19 treatment in India and other Asian markets including Singapore, Malaysia, Hong Kong, Taiwan, Nepal, Brunei, Cambodia, Laos, Myanmar, Sri Lanka, Timor-Leste and Vietnam.

Robert Crockart, chief commercial officer, Glenmark Pharmaceuticals said, "As a leading pharmaceutical player, it is important that we are an integral part of India's fight against the COVID-19 pandemic. We are happy to receive regulatory approval for Nitric Oxide Nasal Spray (FabiSpray) and launch it in partnership with SaNOtize. This reaffirms our commitment of providing yet another safe and effective antiviral treatment for COVID-19, and we are confident it will offer patients a much needed and timely therapy option."

Glenmark Pharmaceuticals is a global innovation-driven pharmaceutical company with presence across Specialty, Generics and OTC businesses.

The drug company posted a 10.1% increase in consolidated net profit to Rs 257.66 crore on a 7.5% rise in net sales to Rs 3,125.43 crore in Q2 FY22 over Q2 FY21.

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