A Japanese pharmaceutical company has applied for approval for an antibody cocktail which it says has been effective in treating COVID-19, local media reported on Wednesday.

According to Tokyo-based Chugai Pharmaceutical Company, its antibody cocktail has a combination of “virus-neutralizing antibodies casirivimab and imdevimab and was found to reduce hospitalizations or deaths by about 70% in overseas clinical trials,” public broadcaster NHK reported.

The US Food and Drug Administration cleared the cocktail for emergency use last November and the company is now seeking approval from Japan’s Health Ministry, according to the report.

“New treatment options are needed with the spread of variants amid the prolonged pandemic,” said Okuda Osamu, president and CEO of Chugai.

“We will collaborate closely with Japanese health authorities to deliver this antibody cocktail as a new treatment to patients as soon as possible.”

Japan, where the overall case tally is now over 796,800, including at least 14,705 deaths, is currently engaged in frenetic efforts to vaccinate people as it gears up to host the Olympics this month.

With the daily infections count still above 1,000, the COVID-19 outbreak is far from over in the country and many want the mega sports event to be called off.

The government, however, has refused to budge and plans to go ahead with the games without any international spectators.

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