The shares of Vivimed Labs were locked in a 5 percent upper circuit at Rs 28.45 per share on Monday after the company received approval to manufacture Favipiravir tablet for COVID-19 treatment.

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The company announced the receipt of approval from the government to manufacture and market Favipiravir Tablet 200 mg and 400 mg under Vivimed’s own brand name “Favulous” across India. It is used for treatment of mild to moderate cases of COVID-19, it said in a BSE filing.

"Favipiravir is one of the leading oral anti-viral treatment approved in various countries for the potential treatment of patients with mild to moderate COVID-19 disease. Favipiravir registered the highest sales in the month of April 2021," the filing said.

Commenting on the launch, Ramesh Krishnamurthy, CEO of Vivimed Labs Ltd, said, “With a huge spike in COVID-19 cases being reported daily in India, there is an urgent need to provide more treatment options to healthcare professionals. We are launching “Favulous” at a competitive price to make the drug accessible to more and more patients thereby ensuring good health and reducing their financial burden. This is in line with Vivimed’s commitment to be at the forefront in India’s fight against COVID-19.”

The company will work closely with various governments and medical community to ensure the availability of “Favulous” to patients across the country, the company further said.

Vivimed is one of the many pharma companies that have launched Favipiravir tablets for COVID-19 treatment.