Dr Reddy's Laboratories rose 2.40% to Rs 2,132.45 at 14:06 IST on BSE after the company and its US subsidiary filed for new drug application for its migraine candidate.
The announcement was made during trading hours today, 2 April 2018.Meanwhile, the S&P BSE Sensex was up 225.87 points, or 0.69% to 33,194.55.
On the BSE, 13,000 shares were traded in the counter so far compared with average daily volumes of 33,000 shares in the past two weeks. The stock had hit a high of Rs 2,134.05 and a low of Rs 2,070 so far during the day. The stock hit a 52-week high of Rs 2,788 on 24 July 2017. The stock hit a 52-week low of Rs 1,901.65 on 11 August 2017.
Dr. Reddy's Laboratories and its subsidiary, Promius Pharma, LLC announced the filing of New Drug Application (NDA) for its migraine candidate DFN-02 with the US Food and Drug Administration (USFDA).
According to Dr. Anil Namboodiripad, senior vice president, proprietary products and president, Promius Pharma, the NDA for DFN-02 is an important step forward in the company's mission to bring solutions that address unmet needs.
In a multicenter, double-blind, randomized, placebo controlled study with 107 subjects, DFN-02 has demonstrated that it can effectively treat pain and associated symptoms during a migraine attack and reduce attack-related functional disability.
Upon approval, the product will be commercialized by Promius Pharma.
Dr Reddy's Laboratories' consolidated net profit fell 38.5% to Rs 302.70 crore on 2.7% growth in net sales to Rs 3806 crore in Q3 December 2017 over Q3 December 2016.
Dr. Reddy's Laboratories is an integrated pharmaceutical company.
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