Wockhardt jumped 5.77% to Rs 274 after the company on Thursday said it received approval from Drugs Controller General of India (DCGI) for its two new antibiotics.Indian drug regulator, DCGI has approved Wockhardt's two new antibiotics, EMROK (IV) and EMROK 0 (Oral), for acute bacterial skin and skin structure infections including diabetic foot infections and concurrent bacteraemia based on the phase 3 study involving 500 patients in 40 centres across India.
The new drug will target superbug like Methicillin resistant Staphylococcus aureus (MRSA), which is a leading cause of rising antimicrobial resistance (AMR).
Currently available anti-MRSA agents have multiple side effects such as kidney damage, decrease in platelet cell counts, muscle pain, to name a few; which limits their use for a longer period and compromise the safety of critically ill patients in the ICU. The patient management is further complicated due to increasing resistance to these agents and drying antimicrobial pipeline, the company said.
The size of Indian antibiotic market is approximately 16,000 crore, growing at 7% and is one of the largest therapeutic segment, with a 12% market share of the Indian pharmaceutical market.
"By virtue of its broad spectrum activity against widely prevalent pathogens including MRSA, superior safety over the currently available anti-MRSA agents and its unique properties, I believe EMROK/EMROK-O has a strong potential to effectively address the unmet medical need of the clinicians in the country thereby helping to reduce the morbidity and mortality," said Dr. Habil Khorakiwala, founder chairman, Wockhardt Group.
The stock has slumped over 46.12% in the past one year. It is currently trading 19.13% above its 52-week low at Rs 274.
On a consolidated basis, Wockhardt reported a net loss of Rs 94.24 crore in Q2 September 2019 compared with a net loss of Rs 30.84 crore in Q2 September 2018. Net sales fell 28.7% to Rs 802.18 crore in Q2 September 2019 over Q2 September 2018.
Wockhardt's businesses include manufacture and marketing of pharmaceutical and bio-pharmaceutical formulations, active pharmaceutical ingredients (APIs) and vaccines.
Wockhardt will announce Q3 results on Monday, 27 January 2020.
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