07 Oct , 2024 By : Debdeep Gupta
Wockhardt shares gained in the October 7 trade after its antibiotics for urinary tract infections were granted “fast track designation” by the US Food and Drug Administration (FDA).
WCK 6777 also completed the Phase I study conducted by the National Institutes of Health, US, it said.
At around noon, the stock was trading at Rs 974 on the National Stock Exchange, up 0.88 percent from the previous close. The counter opened gap-down with a loss of 2.07 percent amid a broader market selloff but recovered to trade at nearly a percent higher.
The stock gained more than 2 percent to rise to Rs 985, its day's high, before giving up some of the gains.
The upmove was witnessed after the company in an exchange filing on October 7 said, "Recognizing its potential to meet significant unmet medical needs, the US FDA has recently granted Fast Track designation to WCK 6777 for the treatment of complicated urinary tract infections (cUTI), including pyelonephritis, and complicated intra-abdominal infections (cIAI)."
WCK 6777 is the only once-a-day drug in the global antibiotic pipeline designed for outpatient parenteral antimicrobial therapy (OPAT), it said.
The company is advancing the development of several new antibiotics aimed at combating difficult-to-treat drug-resistant bacterial infections that drive anti-microbial resistance (AMR).
"?-lactam enhancer based MDR-active antibiotic, WCK 6777 (Ertapenem/Zidebactam) has completed a Phase I study conducted by the Division of Microbiology and Infectious Diseases (DMID) at the National Institute of Allergy and Infectious Diseases (NIAID), part of the National Institutes of Health (NIH) in the US," the company said in a statement.
Earlier this month, the pharma company said that one of its investigational drugs - Zaynich - has successfully treated critically ill patients with drug-resistant meningitis.
Wockhardt shares have delivered multi-bagger returns of 104.92 percent in 2024 so far. In the last three years, the stock jumped 117.71 percent, according to the data available on the BSE.
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