Suven Life Sciences gains after securing product patents in Europe, Macau

Suven Life Sciences rose 3.32% to Rs 270.65 at 10:54 IST on BSE after the company said it has secured two product patents one each from Europe and Macau.

The announcement was made during market hours today, 29 December 2015.

Meanwhile, the S&P BSE Sensex was up 56.58 points or 0.22% at 26,090.71.

On BSE, so far 1.52 lakh shares were traded in the counter as against average daily volume of 1.76 lakh shares in the past one quarter.

The stock hit a high of Rs 275.20 and a low of Rs 260.45 so far during the day. The stock had hit a record high of Rs 338.50 on 15 April 2015. The stock had hit a 52-week low of Rs 192.15 on 8 September 2015.

The stock had underperformed the market over the past one month till 28 December 2015, sliding 1.67% compared with Sensex's 0.36% fall. The scrip had, however, outperformed the market in past one quarter, advancing 3.72% as against Sensex's 1.63% rise.

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

Suven Life Sciences said it has secured two products patents one each from Europe and Macau corresponding to the new chemical entities (NCEs) for the treatment of disorders associated with neurodegenerative diseases and these patents are valid through 2030 and 2029 respectively. The granted claims of the patents include the class of selective alpha-4-beta-2 compounds discovered by Suven Life Sciences and are being developed as therapeutic agents for major depressive disorder (MDD), the company said in a statement.

Suven Life Sciences' net profit declined 0.4% to Rs 24.73 crore on 16.5% drop in net sales to Rs 116.76 crore in Q2 September 2015 over Q2 September 2014.

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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