ITC share price gained over 1.5 percent on Thursday after the FMCG major said that it has initiated clinical trials for developing a nasal spray for COVID-19 prevention. The company plans to market the nasal spray under the ‘Savlon’ brand.

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However, the ITC spokesperson declined to comment on where the clinical trial is being done, from where the commercial production would be done when approved and under what brand the nasal spray would be marketed. "We are unable to share more details at the current moment as the clinical trials are underway," news agency PTI quoted a company spokesperson as saying.

ITC had received approvals from ethics committees and is registered with Clinical Trial Registry-India (CTRI) for clinical trials of the nasal spray which is designed to arrest the virus at the entry point in the nasal cavity itself, the report added.

Developed by scientists at ITC Life Sciences and Technology Centre (LSTC), Bengaluru, sources say the product has the potential to be effective and safe in preventing infection and transmission of COVID-19 along with the existing measures of hygiene recommended by health authorities, the PTI report said.

ITC's LSTC has been at the core of the company's drive for science-led product innovation to support and build its wide range of product portfolio. The company's R&D teams were instrumental in developing a range of innovative health and hygiene offerings that were commercially made available under the Savlon brand, during the pandemic.

At 2.28 pm, the ITC share price quoted at Rs 231.05 on NSE, up 1.45 percent, after opening at Rs 227 apiece. It touched the day's high at Rs 231.50. The stock has fallen over 4 percent in the last five days, while the year-to-date return on the stock is over 8 percent.

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(Edited by : Priyanka Deshpande)

First Published:Nov 25, 2021 2:42 PM IST