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SPARC falls 15% as phase III study of Baclofen GRS fails to meet end points

The stock dipped 15% to Rs 332 on BSE in early morning trade on back of heavy volumes

SI Reporter  |  Mumbai 

Drug discovery co SPARC seeks Sebi nod for Rs 250-cr rights issue (spot)

(SPARC) has dipped 15% to Rs 332 on BSE in early morning trade after the company said its two pivotal phase III studies of for treatment of spasticity in patients with multiple sclerosis did not meet the primary end point in placebo controlled studies.

is a novel, once-a-day formulation developed by the company's proprietary gastroretentive system (GRS) technology, 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 program”, stated Anil Raghavan, CEO,

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.

First Published: Mon, October 09 2017. 09:32 IST