 "Venus Remedies surges after Japan grants patent for 'Elores'")
Venus Remedies has surged nearly 7% to Rs 277, bouncing back 9.5% from intra-day’s low, after the company said it has been granted patent from the Japanese patent office for its antibiotic drug 'Elores'.
The company is expecting to launch this product in Japanese market by end of 2015.
“Japanese patent has given us now exclusivity for the product in one the world's most important and lucrative healthcare markets up to 2025 Venus has already filed EU CTD in Europe and is at the verge of getting MA grant for the product,” says Venus Remedies in a statement.
The company is aiming to garner around $100 million (around Rs 600 crore) in the next five years from its new drug that is used for combating spread of bacterial resistance.
The stock opened at Rs 255 and hit a low of Rs 253 on NSE. A combined around 109,622 shares have changed hands on the counter till 1435 hours on NSE and BSE.
The company is expecting to launch this product in Japanese market by end of 2015.
“Japanese patent has given us now exclusivity for the product in one the world's most important and lucrative healthcare markets up to 2025 Venus has already filed EU CTD in Europe and is at the verge of getting MA grant for the product,” says Venus Remedies in a statement.
The company is aiming to garner around $100 million (around Rs 600 crore) in the next five years from its new drug that is used for combating spread of bacterial resistance.
The stock opened at Rs 255 and hit a low of Rs 253 on NSE. A combined around 109,622 shares have changed hands on the counter till 1435 hours on NSE and BSE.
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