Suven Life Sciences jumps after securing three product patents

Suven Life Sciences jumped 3.84% to Rs 86.55 at 11:22 IST on BSE after the company said it secured three product patents in Australia, South Korea and China.

The company made the announcement during trading hours today, 19 May 2014.

Meanwhile, the BSE Sensex was up 90.67 points, or 0.38%, to 24,212.41.

On BSE, so far 2.02 lakh shares were traded in the counter, compared with an average volume of 1.94 lakh shares in the past one quarter.

The stock hit a high of Rs 88.90 and a low of Rs 83.75 so far during the day. The stock hit a record high of Rs 94.40 on 30 April 2014. The stock hit a 52-week low of Rs 22 on 13 June 2013.

The stock had outperformed the market over the past one month till 16 May 2014, rising 11.73% compared with 8.28% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, rising 15.76% as against Sensex's 18.44% rise.

The small-cap company has an equity capital of Rs 11.68 crore. Face value per share is Re 1.

Suven Life sciences (Suven) announced that its drug discovery portfolio has expanded into several new therapeutic areas such as major depressive disorder (MDD), obesity and pain through neuronal nicotinic receptor modulators which resulted in the grant of one product patent from Australia, one product patent from South Korea and one product patent from China corresponding to the new chemical entities (NCEs) for the treatment of disorders associated with Neurodegenerative diseases and these Patents are valid through 2029, 2029 and 2030 respectively.

The granted claims of the patents include the class of selective alpha-4-beta-2 compounds discovered by Suven and are being developed as therapeutic agents for major depressive disorder (MDD).

With these new patents, Suven has a total of 17 granted patents from Australia, 13 granted patents from South Korea and 13 product patents from China. 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.

"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 major depressive disorder (MDD) with high unmet medical need with huge market potential globally says Venkat Jasti, CEO of Suven.

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 Science is a biopharmaceutical company focused on discovering, developing and commercializing novel pharmaceutical products. The company has 12 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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