By Sam Boughedda
Investing.com -- Ocugen, Inc. (NASDAQ:OCGN) dropped Friday after it announced the FDA declined to issue Emergency Use Authorization (EUA) approval for Covaxin, Covid-19 vaccine for use in individuals aged 2 to 18 years.
The clinical-stage biopharmaceutical company's shares — which once traded around the $600 mark — fell over 23% on the news Friday.
Covaxin is developed by Ocugen's partner in India, Bharat Biotech. The two companies entered a deal in late 2020 under which Ocugen would develop, supply, and commercialize Covaxin for the US market.
Last week, Ocugen surged after news the FDA lifted its clinical hold for Covaxin. However, that rise was short-lived.
Ocugen said it intends to continue working with FDA to evaluate the regulatory pathway for the pediatric use of Covaxin.