Baclofen GRS is a novel, once-a-day formulation developed by the company's proprietary gastroretentive system (GRS) technology, SPARC said in a filing to BSE on Friday after market hours.
“We are disappointed with the outcomes of these studies and will evaluate the data in greater detail to decide on our next steps. We thank all the patients, investigators and caregivers whose hard work has contributed important information to the Baclofen GRS program”, stated Anil Raghavan, CEO, SPARC.
At 09:28 am, the stock was down 10% at Rs 350 on BSE, as compared to 0.08% rise in the S&P BSE Sensex. The trading volumes on the counter more than doubled with a combined 1.8 million shares changed hands on the BSE and NSE so far.
So far in the calendar year 2017, the stock had outperformed the market by surging 30% against 2% rise in the Sensex till Friday.