Jubilant Life Sciences rallies on USFDA nod for Ruby-Fill

The stock rallied 10% to Rs 676, also its record high on the BSE in intra-day trade.

Jubilant Life Sciences has rallied 10% to Rs 676, also its record high on the BSE in intra-day trade, after the pharmaceutical company said that it has received United State Food and Drug Administration (USFDA) approval for Ruby-Fill- Rubidium 82 generator and elution system.

“The company’s wholly own subsidiary Jubilant Pharma, through one of its units Jubilant DraxImage Inc. Montreal Canada, has received USFDA for RUBY-FILL®, for its New Drug Application (NDA) pursuant to section 505 (b)(2) filing,” Jubilant Life Sciences said in a press release.

This approved new drug application provides for the use of RUBY-FILL® for Positron Emission Tomography (PET) imaging of the myocardium under rest or pharmacologic stress conditions to evaluate regional myocardial perfusion in adult patients with suspected or existing coronary artery disease.

The product is expected to be launched in the current quarter (third quarter of financial year 2017) under the company’s registered brand name RUBY-FILL® for which the current estimated US market size is US$ 76 million and has a potential to grow up to US$ 250 million annually in the next five years.

“This approval is highly anticipated by the medical community and is expected to give further boost to the revenues and profitability of the company along with the robust existing product base,” said Mr. Shyam S. Bhartia, Chairman and Mr. Hari S. Bhartia, Co-Chairman and Managing Director, Jubilant Life Sciences.

At 09:45 am, the stock was up 8% at Rs 664 on the BSE. A combined 1.24 million shares changed hands on the counter on the BSE and NSE so far.