Venus Remedies up 38% on winning US patent

Venus Remedies has moved higher by 7.3% to Rs 225, surging 38% in past six trading sessions after the company has received patent from the US Patent Office for new antibiotic product CSE 1034, which targets drug resistant infections.

The stock is outperforming benchmark index Sensex by wide margin, which has fallen by almost 1% during the same period.

The company is among the 10 leading fixed-dosage injectable manufacturers in the world, planning to launch this drug in India under the brand name Elores and is planning to have a pre IND meeting with US FDA for fast track approval of this product.

 

"Globally, the antibiotics market generated sales of $ 42 billion in 2009, representing 46% of sales of anti -infective agents and 5% of the global pharmaceutical market," the company said in a filing.

A combined 340,687 shares have changed hands on the counter in so far on the NSE and BSE.