Genomma Lab Internacional and Oramed Pharmaceuticals, through its subsidiary Oravax Medical, announced an alliance to develop tests that allow the Oravax oral vaccine to be marketed in Mexico to combat the Covid-19 virus, which is currently in Phase I of clinical trials .
Jorge Brake, general director of Genomma Lab, commented in an interview that if the Phase II clinical trials are successfully completed in the first half of 2022, towards the end of the same, the oral vaccine against Covid-19 could be within the reach of the Mexican population.
Earlier, in a conference, Rodrigo Herrera, president of the Genomma Lab Council, said that the vaccine is in Phase I of clinical trials in South Africa, so they are confident that this stage will be successfully completed in a couple of months. Meanwhile, they are working with the Mexican health authorities to begin Phase II clinical trials.
“The characteristics of the oral Oravax vaccine make it an ideal candidate for the emergency use approval process. We are excited to bring this innovative solution to the potential market of 662 million people in Latin America, ”Herrera said in a statement sent to the Mexican Stock Exchange.
Nadav Kidron, CEO of Oramed, said that his goal is to have approval “as soon as possible” for the emergency use of Oravax and his plan is to start with developing countries where there is a greater opportunity to obtain approval for its commercialization. is relatively fast and Mexico is one of the ideal countries.
Stock effect
The announcement does not seem to have excited the Mexican stock market, as Genomma Lab shares ended Thursday with a 1.48% drop. By contrast, Oramed Pharmaceuticals shares closed 1.47% higher on NASDAQ.
Jorge Brake commented that investors “will take a few days to digest the news” to understand the relevance of the “joint venture” with Oramed, which could involve other future projects, since there are no Mexican companies in the world of health and pharmaceutical.
Genomma Lab and Oramed agreed with their alliance to exchange shares (swap) for the equivalent of 20 million dollars, taking into account the average closing price of the last 15 trading days on the Stock Market.
Reference-www.eleconomista.com.mx