Malvern-based Ocugen saw its stock soar after the FDA lifted its clinical hold on the company’s investigational new drug application to test the COVID-19 vaccine Covaxin domestically. John George invested his time to present the story to Philadelphia Business Journal readers.

“We are pleased to be able to move our clinical program for Covaxin forward, which we hope will bring us closer to offering an alternative COVID-19 vaccine,” said Dr. Shankar Musunuri, CEO of Ocugen. “We firmly believe that managing this pandemic requires more than one approach to vaccines, so we are heartened to be able to continue developing our vaccine candidate.”

The biopharmaceutical company is working with Bharat Biotech of India, the Covaxin developer, to bring the vaccine to the U.S. More than 200 million doses have already been given to adults offshore. The vaccine is authorized in 20 countries under emergency use, and it has applications pending in 60 more.

Following the FDA announcement, Ocugen stock went up by 50 percent to $5.18 per share in after-market trading on Friday.

Read more about Ocugen in the Philadelphia Business Journal.