Suven Life Sciences gains after bagging 2 product patents

Suven Life Sciences rose 2.03% to Rs 211.50 at 12:10 IST on BSE after the company said it secured two product patents in Canada and Hong Kong.

The announcement was made during trading hours today, 14 June 2016.

Meanwhile, the BSE Sensex was down 6.69 points, or 0.03%, to 26,390.08.

On BSE, so far 67,000 shares were traded in the counter, compared with an average volume of 38.71 lakh shares in the past one quarter. The stock hit a high of Rs 214 and a low of Rs 207.20 so far during the day. The stock hit a 52-week high of Rs 308.70 on 5 October 2015. The stock hit a 52-week low of Rs 144.35 on 19 February 2016. The stock had underperformed the market over the past one month till 13 June 2016, rising 0.41% compared with 3.56% rise in the Sensex. The scrip had also underperformed the market in past one quarter, rising 0.88% as against Sensex's 7.52% rise.

The small-cap company has an equity capital of Rs 12.73 crore. Face value per share is Re 1.

Suven Life Sciences (Suven) announced that it secured grant of one product patent from Canada (2878217) and one product patent from Hong Kong (HK1176619). These patents correspond to the New Chemical Entities (NCEs) for the treatment of disorders associated with Neurodegenerative diseases. The patents are valid through 2032 and 2030 respectively.

The granted claims of the patents include the class of selective 5-HT compounds discovered by Suven and are being developed as therapeutic agents and are useful in the treatment of cognitive impairment associated with neurodegenerative disorders like Alzheimer's disease, Attention deficient hyperactivity disorder (ADHD), Huntington's disease, Parkinson and Schizophrenia, the company said.

With these new patents, Suven has a total of 23 granted patents from Canada and 20 granted patents from Hong Kong. These granted patents are exclusive intellectual property of Suven and are achieved through the internal discovery research efforts. Products out of these inventions may be out-licensed at various phases of clinical development like at Phase-I or Phase-II, it added

Suven Life Sciences' net profit rose 90.5% to Rs 32.29 crore on 53% rise in net sales to Rs 169.28 crore in Q4 March 2016 over Q4 March 2015.

Suven Life Sciences is a clinical stage biopharmaceutical company developing novel medicines to treat life-threatening Central Nervous System (CNS) disorders.

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