Rocket Pharmaceutical is down 1.7 per cent to $3.28 after the company said it was halting sales of its anti-malarial drug, amitriptyline.
The stock rose 1.3 per cent on Thursday.
The company said on Thursday that its sales of amitryptyline would be suspended in India for six months and that the company would start selling the drug in the country in 2019.
“The company is considering the impact of the suspension on its business in India and the impact on the business of the company’s Indian subsidiaries, including its Rocket Pharma subsidiary,” the company added.
Rocket Pharmaceutical has faced pressure from India’s opposition to its anti, and anti-septic, medicines in recent years, and has sought to reduce its footprint in the region by acquiring more foreign companies.
Aurobelos anti-saliva therapy Aurobandh is the first salivary drug to be approved by India’s Pharmaceutical Regulatory Authority (PRA) for the treatment of malaria.
The PRA said the drug is the only one in the world that is specifically approved to treat malaria.
It is used to treat people who are infected with the malaria parasite.
“This is a landmark moment for Aurobital,” said Aurobita Khatoon, executive director of the International Association of Medical Research Societies (IAMRS).
Rocket Pharma’s stock price has tumbled since Friday, when the company raised $1.7 million in a funding round led by China-based investment firm State Grid. “
It will help Aurodev to build a stronger foundation for the future of the Indian pharmaceutical industry and its patients,” she said.
Rocket Pharma’s stock price has tumbled since Friday, when the company raised $1.7 million in a funding round led by China-based investment firm State Grid.
It said on Wednesday it had completed the process of setting up an initial public offering of Rocket Pharma.
Rocket has said that its stock will trade at about $3 per share.