This Stock Is Winning From Brazil's Approval Of Genetically Engineered Mosquitoes
Shares of Intrexon Corp (NYSE: XON) surged as much as 9 percent after its Oxitec unit won a temporary approval from Brazil's Health Agency Anvisa to deploy its genetically engineered mosquito, OX513A, throughout the country.
In a press release, Oxitec said its OX513A biologically controls Aedes aegypti mosquito, the primary vector for transmitting dengue, Zika and chikungunya viruses to humans.
Oxitec claims its genetically engineered mosquito has reduced Aedes aegypti population by more than 90 percent in five separate efficacy trials across Brazil, Panama, and the Cayman Islands.
"In Piracicaba, Brazil, preliminary results have shown a reduction of 82% in Aedes aegypti wild larvae in the area treated with Friendly Aedes aegypti, compared to the non-treated area," Oxitec said in a statement.
The environment-friendly Oxitec's mosquitoes are males which do not bite or transmit disease, rather they mate with wild Aedes aegypti females and the offspring die before becoming adults. Also, the offspring comes with a fluorescent marker to enable accurate tracking in a course control program.
In February, Wunderlich's Rob Breza said Oxitec could capture as much as $225 million in revenue over the next few years to help eradicate the Aedes Aegypti mosquito.
Meanwhile, WHO says more than 13 countries in the Americas has reported sporadic Zika virus infections indicating rapid geographic expansion of the virus.
Shares of Intrexon climbed 7.8 percent to $35.59 on Wednesday.
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