CIPLA - Oct 13, 2020 - Angel Broking

Mr. Yash Gupta - Equity Research Associate, Angel Broking Ltd

"Avenue Therapeutics, Inc. company focused on the development of intravenous ("IV") tramadol for the U.S. market, today announced it has received a Complete Response Letter from the U.S. Food and Drug Administration regarding the Company's New Drug Application ("NDA") for IV tramadol.Letter stated that although the pivotal Phase 3 clinical trials demonstrated statistically significant outcomes for all of the primary and many secondary endpoints, the FDA has determined that it cannot approve the application in its present form. Letter stated that IV tramadol, intended to treat patients in acute pain who require an opioid, is not safe for the intended patient population. While this is a negative news for Avenue Therapeutics in the US, it becomes a negative development for Cipla Ltd. in India since the two companies had tie-up."

Shares of CIPLA LTD. was last trading in BSE at Rs.788.25 as compared to the previous close of Rs. 814.7. The total number of shares traded during the day was 419451 in over 10649 trades.

The stock hit an intraday high of Rs. 829 and intraday low of 778.75. The net turnover during the day was Rs. 339486397.

Source : Equity Bulls

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