Fujifilm shares surged on Wednesday after a Chinese official stated the company’s Avigan anti-flu drug appeared to help coronavirus patients recover.
China’s Ministry of Science and Technology said late Tuesday that some clinical trials have been completed on Favipiravir — the main ingredient in the influenza drug Avigan, which was developed by Fujifilm Toyama Chemical Co Ltd.
A trial involving 80 cases conducted by a hospital in Shenzhen and a study of 120 cases led by Wuhan University’s Zhongnan Hospital both showed the drug shortened the recovery time for patients.
Fujifilm was asked by the Japanese government about boosting production, and the company said they were “examining obstacles,” according to a statement in AFP. Clinical tests using Avigan as a treatment for the virus have also started in Japan.
A spokesman for Fujifilm said the company expects no direct earnings impact from potential sales growth of Favipiravir in China, at least for now, as its license for the key ingredient in the country already expired last year.
Fujifilm shares closed up ¥700, their daily price limit, to ¥5,238 on the Tokyo Stock Exchange.
Source: Equities News