Venus Remedies rises after Mexico patent for antibiotic product

The announcement was made after market hours on Monday, 17 June 2013.

Meanwhile, the S&P BSE Sensex was down 45.11 points, or 0.23%, to 19,280.76.

On BSE, 66,000 shares were traded in the counter as against an average daily volume of 32,110 shares in the past one quarter.

The stock hit a high of Rs 299.40 and a low of Rs 279.10 so far during the day. The stock had hit a 52-week high of Rs 358.05 on 15 May 2013. The stock had hit a 52-week low of Rs 196.95 on 26 July 2012.

The stock had underperformed the market over the past one month till 17 June 2013, sliding 17.53% compared with the Sensex's 4.73% fall. The scrip had, however, outperformed the market in past one quarter, rising 1.29% as against Sensex's 0.52% fall.

The small-cap company has an equity capital of Rs 10.54 crore. Face value per share is Rs 10.

Venus Remedies said the patent, which was granted by the Mexican Institute of Industrial Property (IMPI), protects the composition of Potentox.

Potentox is an antibiotic adjuvant entity (AAE), a drug effective in case of hospital-acquired pneumonia and febrile neutropenia infections, primarily caused by quinolones or aminoglycoside-resistant microbes.

The patent provides an exclusivity period for Potentox up to 2025. The drug is also protected by a number of other patents from various other countries, including USA, India, Australia, New Zealand, South Korea, South Africa, Canada and Ukraine.

The global hospital-acquired bacterial infections market was estimated to be worth $9 billion in 2010. Potentox is designed to address the needs of almost 50% of this market, Venus Remedies said in a statement.

Net profit of Venus Remedies declined 23.20% to Rs 11.95 crore on 10.19% rise in net sales to Rs 125.03 crore in Q4 March 2013 over Q4 March 2012.

Venus Remedies is a pharmaceutical company. By the virtue of having selected to specialise through the injectables route in high-growth therapeutic segments like anti-infective, oncology, cardiovascular and neurology, Venus Remedies is among the world's 10 leading fixed dosage injectables manufacturers. The company has a presence in 60 countries and covering more than 75 products.

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