<p>Shares of Glenmark Pharmaceuticals Ltd rose almost 9% on Thursday after the Indian drugmaker got an approval to conduct clinical trials with antiviral drug favipiravir, seen as a potential treatment for COVID-19.</p>.<p>Favipiravir, manufactured under the brand name Avigan by a unit of Japan's Fujifilm Holdings Corp and approved for use as an anti-flu drug in the Asian island country in 2014, has been effective, with no obvious side-effects, in helping coronavirus patients recover, a Chinese official told reporters at a news conference last month.</p>.<p><a href="https://www.deccanherald.com/national/coronavirus-live-updates-india-records-highest-deaths-in-a-single-day-toll-stands-at-886-tally-crosses-28000-827545.html#1">Follow live updates on coronavirus</a></p>.<p>"After having successfully developed the API and the formulations ... Glenmark is all geared to immediately begin clinical trials on favipiravir on COVID-19 patients in India," Sushrut Kulkarni, executive vice-president for Global R&D, Glenmark Pharmaceuticals, said in a statement. </p>.<p>The Drug Controller General of India, the country's drug regulator, did not immediately respond to Reuters request for comment.</p>.<p><strong><a href="https://www.deccanherald.com/tag/coronavirus" target="_blank">CORONAVIRUS SPECIAL COVERAGE ONLY ON DH</a></strong></p>.<p>On Wednesday, another Indian pharmaceutical company, Strides Pharma Science Ltd, said it had developed and commercialized favipiravir antiviral tablets, and had applied to Indian drug authorities to start trials.</p>.<p>Shares of Mumbai-based Glenmark Pharmaceuticals, which rose as much as 8.9% to 359 rupees ($4.78), was trading up 5.9%, as of 0407 GMT.</p>
<p>Shares of Glenmark Pharmaceuticals Ltd rose almost 9% on Thursday after the Indian drugmaker got an approval to conduct clinical trials with antiviral drug favipiravir, seen as a potential treatment for COVID-19.</p>.<p>Favipiravir, manufactured under the brand name Avigan by a unit of Japan's Fujifilm Holdings Corp and approved for use as an anti-flu drug in the Asian island country in 2014, has been effective, with no obvious side-effects, in helping coronavirus patients recover, a Chinese official told reporters at a news conference last month.</p>.<p><a href="https://www.deccanherald.com/national/coronavirus-live-updates-india-records-highest-deaths-in-a-single-day-toll-stands-at-886-tally-crosses-28000-827545.html#1">Follow live updates on coronavirus</a></p>.<p>"After having successfully developed the API and the formulations ... Glenmark is all geared to immediately begin clinical trials on favipiravir on COVID-19 patients in India," Sushrut Kulkarni, executive vice-president for Global R&D, Glenmark Pharmaceuticals, said in a statement. </p>.<p>The Drug Controller General of India, the country's drug regulator, did not immediately respond to Reuters request for comment.</p>.<p><strong><a href="https://www.deccanherald.com/tag/coronavirus" target="_blank">CORONAVIRUS SPECIAL COVERAGE ONLY ON DH</a></strong></p>.<p>On Wednesday, another Indian pharmaceutical company, Strides Pharma Science Ltd, said it had developed and commercialized favipiravir antiviral tablets, and had applied to Indian drug authorities to start trials.</p>.<p>Shares of Mumbai-based Glenmark Pharmaceuticals, which rose as much as 8.9% to 359 rupees ($4.78), was trading up 5.9%, as of 0407 GMT.</p>