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This Small Cap Stock Begins Work On Covid 19 Vaccine; Jumps 20%


Shares of Hester Biosciences

, a small cap firm, rallied 20% to hit upper circuit, after the company said that it will work on developing Covid 19 vaccine in collaboration with IIT Guwahati. The two entities entered into an agreement on April 15, 2020

On the BSE, shares quote at Rs. 1366.90 per share after climbing 20%, while on the NSE it quotes Rs. 1364.85 per share.

This Small Cap Stock Begins Work On Covid 19 Vaccine; Jumps 20%

The vaccine shall be developed on the basis of recombinant avian paramyxovirus based vector platform. This recombinant avian paramyxovirus-1 shall be used for expressing the immunogenic protein of SARS-CoV-2.

This then can be used as a potential vaccine for further research work.

In the current pandemic situation of Covid-19, the world is looking at developing preventive and curative measures to safeguard mankind. IITG and Hester have collaborated to develop and manufacture a recombinant vaccine against Covid-19 disease as a preventive measure. Hester's involvement would be from master seed development up to release of the commercial vaccine", Rajiv Gandhi, CEO and MD, Hester Biosciences, said.

"Hester has a fairly good understanding and the capability to get into human vaccines, specifically into a vaccine against the COVID-19 disease," added Gandhi.

The 2 entities to complete the vaccine development by end of 2020 which currently is in early stage. This can then be used for animal studies.

Hester Biosciences is a Ahmedabad based pharma company.

Read more about: share market coronavirus
Story first published: Wednesday, April 29, 2020, 13:08 [IST]
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