Indian pharmaceutical company Strides Pharma Science Ltd
The Bengaluru-based company has received approval from the Drug Controller General of India to conduct trials of favipiravir in the country, Strides Founder and Non-Executive Chairman Arun Kumar said on a post-earnings conference call, without giving any more details.
Strides' announcement comes after Glenmark Pharmaceuticals Ltd
Favipiravir is manufactured under the brand name Avigan by a unit of Japan's Fujifilm Holdings Corp and was approved for use as an anti-flu drug in the country in 2014.
Strides late on Wednesday posted a fourth-quarter consolidated net loss of Rs 2.07 billion ($27.35 million), as it booked a Rs 1.13 billion write down of inventory and other expenses related to withdrawal of ranitidine products.
The company's shares rose as much as 5.3 per cent to a two-week high in early trade, but pared some gains and were last up 1.8 per cent at 0430 GMT.