Opto Circuits bounces back from 52-week low on licencing pact with Biosensors

The announcement was made after market hours on Friday, 31 May 2013.

Meanwhile, the S&P BSE Sensex was down 131.63 points or 0.67% at 19,628.67.

The stock surged on high volumes. On BSE, 47.90 lakh shares were traded in the counter as against average daily volume of 8.33 lakh shares in the past one quarter.

The stock hit a low of Rs 28.70 so far during the day, which is a 52-week low for the counter. The stock hit a high of Rs 34.35 so far during the day. The stock had hit a 52-week high of Rs 165.55 on 6 July 2012.

The stock had underperformed the market over the past one month till 31 May 2013, declining 45.97% compared with the Sensex's 1.31% rise. The scrip had also underperformed the market in past one quarter, sliding 36.68% as against Sensex's 4.77% gain.

The small-cap company has equity capital of Rs 242.32 crore. Face value per share is Rs 10.

Eurocor GmbH, a group company of Opto Circuits, has entered into a licensing agreement for their drug eluting balloon (DEB) technology and the related intellectual property (IP) rights in relation to the treatment of both coronary and peripheral artery disease with Biosensors International Group (Biosensors), a developer, manufacturer and marketer of innovative medical devices. As a first step in this process, an original equipment manufacturer (OEM) agreement is being implemented, whereby Biosensors will market and sell, under its own brand, DEBs manufactured by Eurocor, a joint statement from the two companies said.

Dr. Antonino Laudani, COO of Eurocor GmbH said, "This agreement is further validation for Eurocor's DEB products. There is considerable scope for global expansion within this rapidly-growing sector of the interventional devices market. We are looking forward to working closely with Biosensors to further the process of establishing Eurocor as one of the leading global providers of innovative DEB products".

Jeffrey B. Jump, President of Biosensors' Cardiovascular Division said, "These innovative devices will complement our existing portfolio of cardiac stents, and facilitate our entry into the peripheral vascular disease market".

Eurocor GmbH is a wholly owned subsidiary of Opto Eurocor Heathcare and is part of the Opto Circuits Group. is a rapidly growing European life sciences technology corporation specializing in the research, development and manufacture of cardiovascular and endovascular products.

Biosensors International develops, manufactures and markets innovative medical devices for interventional cardiology and critical care procedures.

Shares of Opto Circuits (India) had tumbled 37.86% to settle at Rs 31.50 on Friday, 31 May 2013 after the company reported poor Q4 earnings after market hours on 30 May 2013.

Opto Circuits (India)'s consolidated net profit fell 94.1% to Rs 12.30 crore on 31.1% decline in net sales to Rs 456.76 crore in Q4 March 2013 over Q4 March 2012.

Opto Circuits (India) is a vertically integrated multinational medical technology Group that specializes in primary, acute and critical care products for the global markets.

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