Suven Life Sciences jumps on bagging 5 product patents

Suven Life Sciences rose 5.66% to Rs 219 at 12:22 IST on BSE after the company said it secured five product patents in China, Israel, Mexico, Singapore and Sri Lanka.

The announcement was made during trading hours today, 10 September 2015.

Meanwhile, the BSE Sensex was down 227.44 points, or 0.88%, to 25,492.14.

On BSE, so far 2.38 lakh shares were traded in the counter, compared with an average volume of 1.24 lakh shares in the past one quarter.

The stock hit a high of Rs 221.20 and a low of Rs 197.60 so far during the day. The stock hit a record high of Rs 338.50 on 15 April 2015. The stock hit a 52-week low of Rs 163.45 on 26 September 2014.

The stock had underperformed the market over the past one month till 9 September 2015, sliding 23.02% compared with 8.91% fall in the Sensex. The scrip had also underperformed the market in past one quarter, falling 12.57% as against Sensex's 2.88% decline.

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

Suven Life Sciences (Suven) announced the grant of one product patent from China, one product patent from Israel, one product patent from Mexico, one product patent from Singapore and one product patent from Sri Lanka, corresponding to their New Chemical Entities (NCEs) for the treatment of disorders associated with neurodegenerative diseases.

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 in a statement.

With these new patents, Suven has a total of 17 granted patents from China, seven granted patents from Israel, 20 granted patents from Mexico, 21 granted patents from Singapore and 11 granted patents from Sri Lanka, the company said.

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, the company said.

Suven Life Sciences' net profit declined 41.8% to Rs 20.23 crore on 28.7% decline in net sales to Rs 100.98 crore in Q1 June 2015 over Q1 June 2014.

Suven Life Science is a biopharmaceutical company focused on discovering, developing and commercializing novel pharmaceutical products, which are first in class or best in class CNS (central nervous system) therapies through the use of GPCR (G-protein-coupled receptors) targets.

Powered by Capital Market - Live News