Hyderabad-based drug discovery and development company Suven Life Sciences completed its Phase-I multiple ascending dose study of SUVN-502 in healthy volunteers.
SUVN-502 is intended for treatment of Alzheimer's disease, Schizophrenia and other disorders of memory and cognition like attention deficient hyperactivity disorder and Parkinson.
Suven will present the results of the study at the International Conference on Alzheimer's Disease to be held at Vienna in Austria in July 2009, the company stated in a press release.
Patent has been granted to the new molecule in several countries with validity until 2023. Suven is in discussions with eight potential licensing partners for this compound. Timing of the licensing would depend on the deal terms and ability to move the molecule to next level of clinical studies.
"We are extremely glad with the outcome of the Phase-I trials of SUVN-502. This is a significant development for our organisation as this molecule is our first invention and has a potential to be first-in-class and best in class for the treatment of Alzheimer's disease and other disorders of memory," Suven's Chief Executive Officer Venkat Jasti said.
According to Jasti, Suven is gearing up its resources and working out on plans to initiate Phase-II studies during the last quarter of 2009. The company anticipates that SUVN-502 can be launched in major regulated markets by 2013.
Suven's shares were trading at Rs 16.82, up 20 per cent on the BSE today.
