Coronavirus: India’s COVAXIN likely effective against UK variant
January 27, 2021, 11:36 am

Coronavirus: India’s COVAXIN likely effective against UK variant

A healthcare worker fills a syringe with a dose of Bharat Biotech's COVID-19 vaccine called COVAXIN, during the coronavirus vaccination campaign at All India Institute of Medical Sciences (AIIMS) hospital in New Delhi, India, January 16, 2021. (File photo: Reuters)

A vaccine developed by India’s Bharat Biotech and a government research institute is likely to be effective against the UK strain of the coronavirus, according to a study on 26 participants shared by the company on Wednesday.

The findings on COVAXIN, which is in use in India after receiving emergency-use authorization early this month, have been published on the website bioRxiv that carries research not certified by peer review.

“Sera from the vaccine recipients could neutralize the UK-variant strains discounting the uncertainty around potential escape,” wrote scientists from the company and its partner, the state-run Indian Council of Medical Research.

“It is unlikely that the mutation 501Y would be able to dampen the potential benefits of the vaccine in concern.”

A woman walks past a painting of Indian Prime Minister Narendra Modi a day before the inauguration of the COVID-19 vaccination drive on a street in Mumbai, India, on January 15, 2021. (Reuters)

Another study published on bioRxiv last week said a vaccine developed by US company Pfizer Inc and its German partner BioNTech was also likely to protect against the more infectious variant that has now spread around the world, with 150 cases in India.

While approving COVAXIN without any efficacy data from an ongoing late-stage trial, India’s drug regulator had touted its ability to act against the whole body of a virus instead of just its “spike-protein” tip, potentially making it more effective in case of mutations.

India has already expanded the use of the vaccine in its massive immunization program that began on Jan. 16 and has so far covered more than 2 million people on the frontline such as

sanitation workers, nurses and doctors.

The world’s second most populous country, which has reported the most number of COVID-19 infections after the US, has also approved the Oxford University-AstraZeneca shot for emergency use.

India on Wednesday reported 12,689 new infections, taking the total to 10.69 million. Deaths rose by 137 to 153,724.

source: Reuters

Image source: Reuters

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.