In the premarket trading session, Ocugen Inc. (OCGN) stock soared by 20.56% to trade at $11.61at the time of writing. OCGN closed Friday’s session at $9.63 with a 3.66% gain. The OCGN stock volume traded 504.64 million shares today. The average volume of trade for the past 3 months has been 69.44 million. In the past year up to date period, OCGN stock surged by 2891.61% while rallying by 66.61% for the past 5 consecutive days. In the last three months, OCGN shares added 341.74%, and further added 2957.14%. In the last six months. Ocugen Inc. is currently valued in the market at $1.75 billion and has 188.09 million outstanding shares.
Ocugen’s retinal therapy product offering
Ocugen Inc. is a biopharmaceutical company that is focused on designing, developing, and commercializing of innovative therapies that aim to target the unmet needs of patients with diseases. The transformative therapies that the company designs are gene therapies that specifically developed for targeting blindness diseases and restoration of sight. Ocugen Inc. uses proprietary modifier gene therapy platform which has become a breakthrough in treating multiple retinal diseases with one drug. Furthermore, OCGN stock has novel therapies for the treatment of age-related macular degeneration (AMD), diabetic retinopathy, and diabetic macular edema.
Announcing a definitive agreement for a $100 million direct offering
On 24th April 2021, Ocugen Inc. announced that it entered into an agreement with healthcare-focused institutional investors. This definitive agreement was made for the sale of $100 million registered shares of OCGN’s common stock in a direct offering at a price per share of $10. The deal is expected to take place around 27th April 2021, if everything happens according to customary closing conditions and satisfaction.
These healthcare-focused institutional investors’ offering were placed through the exclusive placement agent firm known as H.C. Wainwright & Co. The purpose of the offering and the deal is for OCGN stock to use the net proceed for general business activity and corporate purposes.
Bharat Biotech achieves positive second interim data for its COVAXIN, COVID-19 vaccine study
On 22nd April 2021, announced that Bharat Biotech (co-development partner) has achieved success in a late-stage study of COVAXIN. COVAXIN is a vaccine in development for COVID-19 and the positive data of the study made the shares of the OCGN stock go up the charts.
The study of COVAXIN was in its phase III and the second interim analysis demonstrated a positive result of 78% efficacy for COVID-19 in mild, moderate-severe COVID-19 symptoms and variants while the study also claims that in the severe cases of COVID-19, COVAXIN showed 100% efficacy. The study also had a subgroup of participants for the RT-PCR test and found that the efficacy against asymptomatic COVID-19 infection was 70%.
OCGN stock’s future plans of commercializing
The company has planned an agreement its co-development partner Bharat Biotech to distribute and commercialize COVAXIN in the U.S market which includes the technology transfer of manufacturing and share in the profits of US market sales- Ocugen will retain 45% of the profit. Furthermore, Bharat Biotech is waiting for the Emergency Use Authorization which will allow it to supply a certain amount of minimum number of COVAXIN doses.