Suven Life Sciences rose 3.12% to Rs 77.70 at 10:52 IST on BSE after the firm said it has secured 2 product patents one each from Hong Kong and Canada corresponding to the NCEs for the treatment of disorders associated with Neurodegenerative diseases
The announcement was made during trading hours today, 10 April 2014.
Meanwhile, the S&P BSE Sensex was up 12.29 points or 0.05% at 22,714.63.
On BSE, so far 3.32 lakh shares were traded in the counter as against average daily volume of 1.84 lakh shares in the past one quarter.
The stock hit a high of Rs 78.95 and a low of Rs 75 so far during the day. The stock had hit a record high of Rs 83.40 on 12 November 2013. The stock had hit a 52-week low of Rs 22 on 13 June 2013.
The stock had underperformed the market over the past one month till 9 April 2014, advancing 2.03% compared with the Sensex's 3.57% rise. The scrip had also underperformed the market in past one quarter, declining 2.77% as against Sensex's 9.6% rise.
The small-cap company has equity capital of Rs 11.68 crore. Face value per share is Re 1.
Suven Life Sciences (Suven) said it has received one product patent from Hong Kong and one product patent from Canada corresponding to the new chemical entities (NCEs) for the treatment of disorders associated with Neurodegenerative diseases and these Patents are valid through 2023 and 2029 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, Suven said in a statement.
With these new patents, Suven has a total of fifteen granted patents from Canada and fourteen product patents from Hong Kong. These granted patents are exclusive intellectual property of Suven and are achieved through the internal discovery research efforts, Suven said. Products out of these inventions may be out-licensed at various phases of clinical development like at Phase-I or Phase-II, Suven said in a statement.
Venkat Jasti, CEO of Suven said, "We are very pleased by the grant of these patents to Suven for our pipeline of molecules in CNS arena that are being developed for cognitive disorders with high unmet medical need with huge market potential globally".
Suven Life Sciences' net profit galloped 369.5% to Rs 36.43 crore on 91.4% growth in net sales to Rs 119.43 crore in Q3 December 2013 over Q3 December 2012.
Suven Life Sciences is a biopharmaceutical company focused on discovering, developing and commercializing novel pharmaceutical products, which are first in class or best in class CNS therapies through the use of GPCR targets. The company has twelve internally-discovered therapeutic drug candidates currently in pre-clinical stage of development targeting conditions such as ADHD, dementia, depression, Huntington's disease, Parkinson's disease and obesity in addition to developmental candidate SUVN-502 for Alzheimer's disease and Schizophrenia.
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