Shares of the Hyderabad-based drug maker - Vivimed Labs - were locked in a five per cent upper circuit at Rs 28.45 after it received government of India's approval to manufacture and market Favipiravir Tablet 200 mg and 400 mg for Indian market.
"Vivimed Labs Limited, a niche specialty chemicals and pharmaceuticals company, announced today, the receipt of Government of India (Director General of Health Services) approval to manufacture and market Favipiravir Tablet 200 mg and 400 mg under Vivimed's own brand name "Favulous" across India," the company said in a press release.
Favipiravir is indicated to treat mild to moderate cases of Covid-19 infection and is in short supply owing to rising Covid-19 infections in the country.
Favipiravir is one of the leading oral anti-viral treatment approved in various countries for the potential treatment of patients with mild to moderate Covid-19 disease, the company said.
Favipiravir registered highest sales in the month of April 2021. To register as top pharma brand in the domestic market Fabiflu marketed by Glenmark saw sales of Rs 762 crore, Vivimed Labs added.
"With huge spike in Covid19 cases being reported daily in India, there is an urgent need to provide more reatment options to healthcare professionals. We are launching "Favulous" at a competitive price to make the drug accessible to more and more patients thereby ensuring good health and reducing their financial burden. This is in line with Vivimed's commitment to be at forefront in India's fight against Covid-19," Ramesh Krishnamurthy, CEO of Vivimed Labs Ltd said in a statement.
As of 12:13 pm, Vivimed Labs was locked in 5 per cent upper circuit at Rs 28.45 with over 7 lakh pending buy orders on the BSE.