Wockhardt shares continued their impressive rally for the twelfth straight day, jumping nearly 12% on Thursday to hit a new 52-week high of ₹993.35 on the BSE. Over the past 12 days, Wockhardt shares have surged more than 75%.
The strong momentum in Wockhardt shares is due to the successful use of its experimental antibiotic, Zaynich, to treat a cancer patient in the US.
On June 28, Wockhardt announced that a young cancer patient with a weakened immune system, who had been hospitalized for nearly 9 months at the Children’s Hospital of Orange County, University of California Irvine School of Medicine, was successfully treated with 4 weeks of Zaynich (Zidebactam/Cefepime- WCK 5222) for a chronic thigh infection. This treatment allowed doctors to resume chemotherapy.
The hospital obtained access to Zaynich under a special provision called ‘Expanded Access IND’ granted by the US FDA.
This case marks the first use of Zaynich in the US to treat a complex infection caused by extremely drug-resistant Pseudomonas, Wockhardt said.
Zaynich is currently in a multi-national Phase 3 study, which is expected to support its global registration and marketing authorization.
Reports suggest Wockhardt may launch Zaynich at a significant discount early next financial year.
Earlier this year, Wockhardt raised ₹480 crore through a qualified institutional placement (QIP) issue for Zaynich’s phase 3 trials. The QIP saw investments from prominent names like funds managed by well-known investors Madhusudan Kela and Prashant Jain.
Wockhardt’s share price has delivered over 118% returns year-to-date (YTD). In the past year, Wockhardt shares have surged more than 283%.
At 10:25 am, Wockhardt shares were trading 3.90% higher at ₹922.05 on the BSE.
Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.
