Suven Life Sciences turns volatile after securing 2 product patents

Suven Life Sciences rose 0.27% to Rs 189 at 15:26 IST on BSE after the company said it secured two product patents in India and Japan.

The announcement was made during trading hours today, 26 September 2016.

Meanwhile, the BSE Sensex was down 394.24 points, or 1.38%, to 28,273.98.

On BSE, so far 1.04 lakh shares were traded in the counter, compared with average daily volume of 63,511 shares in the past one quarter. Trading was volatile on the counter. The stock rose 7.30% at the day's high of Rs 195.80 in intraday trade. The stock fell 0.50% at the day's low of Rs 188 in intraday trade. The stock hit a 52-week high of Rs 308.70 on 5 October 2015. The stock hit a 52-week low of Rs 144.35 on 19 February 2016. The stock had underperformed the market over the past 30 days till 23 September 2016, sliding 4.46% compared with 2.99% rise in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 0.19% as against Sensex's 8.60% rise.

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

Suven Life Sciences announced that the grant of one product patent from India and one product patent from Japan corresponding to the New Chemical Entities (NCEs) for the treatment of disorders associated with Neurodegenerative diseases and these Patents are valid through 2026 and 2032 respectively.

The granted claims of the patents are from the mechanism of action include the class of selective 5-HT6 compounds and H3 Inverse agonist compounds 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, Major Depressive disorder (MDD), Parkinson and Schizophrenia, the company said in statement.

With these new patents, Suven has a total of 19 granted patents from India and 19 granted patents from Japan. 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, it added.

Suven Life Sciences' net profit rose 58.2% to Rs 32.58 crore on 31.7% rise in net sales to Rs 133.23 crore in Q1 June 2016 over Q1 June 2015.

Suven Life Sciences is a biopharmaceutical company specializing in drug discovery and developmental activities in central nervous system disorders and contract research and manufacturing services (CRAMS).

Powered by Capital Market - Live News