Suven Life Sciences in pink of health on securing four product patents
The company made this announcement during trading hours today, 8 December 2011.
Meanwhile, the BSE Sensex was down 310.14 points, or 1.84% to 16,566.92
On BSE, 1.77 lakh shares were traded in the counter as against an average daily volume of 14,401 shares in the past one quarter.
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The stock hit a high of Rs 15.75 and a low of Rs 14.70 so far during the day. The stock had hit a 52-week high of Rs 26.70 on 23 December 2010 and a 52-week low of Rs 14 on 24 November 2011
The small-cap stock underperformed the market over the past one month till 7 December 2011, falling 9.45% compared with the Sensex's 3.9% fall. The scrip also undeperformed the market in past one quarter, declining 15.90% as against 1.1% decline in the Sensex.
The company has an equity capital of Rs 11.67 crore. Face value per share is Re 1.
Suven Life Sciences (Suven) said today, 8 December 2011 that it was granted four product patents, two from Australia and two from Canada corresponding to the New Chemical Entities (NCEs) for the treatment of disorders associated with Neurodegenerative diseases. These patents are valid through 2027 and 2028 respectively.
Suven further informed that the granted claims of the patents include the class of selective 5-HT compounds discovered by the company 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.
With these new patents, Suven has a total of thirteen granted patents from Australia, and eight granted patents from Canada. 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-ll.
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 and an estimated $30 billion market potential globally".
Suven Life Sciences' net profit rose 9.9% to Rs 2.56 crore on 30.2% rise in net sales to Rs 48.04 crore in Q2 September 2011 over Q2 September 2010.
Suven Life Sciences is a bio-pharmaceutical company, focused on discovering, developing and commercializing novel pharmaceutical products.
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