Malvern’s Ocugen Prepping for $16.5 Million Stock Sale Weeks After Nixing Its COVID Vaccine

Image via Gavi, The Vaccine Alliance.

A Malvern-based biotechnology company known for its gene therapies and vaccines, is expecting to raise $16.5 million through a public stock offering, writes John George for the Philadelphia Business Journal.   

Weeks ago, Ocugen announced that they were putting a halt to its COVID-19 vaccine Covaxin. This was after the Food and Drug Administration cancelled emergency use authorizations for monovalent vaccines, writes George. It intends to switch gears to focus its inhaled mucosal vaccine to treat the flu and bivalent COVID strains. It recently entered into a license agreement with Washington University to develop the intranasal vaccine.  

The company was founded in 2013 but expanded into the vaccine business in 2021. According to the Philadelphia Business Journal, Ocugen will use the proceeds from this week’s offering for corporate purposes, expenditures, and expenses.   

Read more about the biotech company in the Philadelphia Business Journal.

Ocugen CEO on distributing vaccines to the U.S.

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