Venus Remedies has surged 7% to Rs 319 after the company said it has got an approval from the Drugs Controller General of India (DCGI) to conduct Phase-III clinical trials of its cancer detection New Chemical Entity (NCE) which will involve an investment of $1 million.
“The company is planning to launch this NCE by the last quarter of 2013 in domestic and global markets,” Venus Remedies said in a statement.
“This NCE is based on selective tumour targeting because tumour-infiltrating blood vessels deviate morphologically and biochemically from normal vessels. VRP1620 specifically increases tumour blood flow and this property has been utilised to promote the delivery of cancer detection contrast media to the site of tumours via blood stream,” it added.
The stock opened at Rs 302 and touched high of Rs 328 on the BSE. As many as a combined around 700,000 shares have already changed hands so far against an average less than 20,000 shares that were traded daily in past two weeks.