OCGN stock in focus as COVID-19 shot suspended by WHO (NASDAQ:OCGN)

The World Health Organization (WHO) says that it has suspended the Bharat Biotech-developed COVID-19 vaccine known as Covaxin for supplies through United Nations agencies. The U.S. biotech, Ocugen (NASDAQ:OCGN), has partnered with Hyderabad-based vaccine maker to introduce Covaxin to the U.S. market.

The WHO said on Saturday that it was recommending the countries that received the vaccine take appropriate actions.

Ocugen (OCGN) shares gained last November when the WHO granted the Emergency Use Listing (EUL) for the whole-virion inactivated vaccine.

The global body noted that the suspension was in response to the results of a post EUL inspection conducted from March 14 – 22 and a requirement to implement corrective actions to address recently identified GMP deficiencies.

Bharat Biotech has pledged its commitment to address the concerns, and as a precautionary measure, it has indicated its decision to suspend the production of Covaxin for export, the UN said, adding that the inspection did not cite changes in the risk-benefit ratio of the vaccine.

In February, the U.S. Food and Drug Administration (FDA) lifted its previously imposed clinical hold on the Investigational New Drug application (IND) submitted by Ocugen (OCGN) for the COVID-19 shot.