Suven Life Sciences gained 1.66% to Rs 218 at 11:50 IST on BSE after the company announced that it has secured one product patent each in Israel and Mexico.
The announcement was made during market hours today, 3 June 2016.Meanwhile, the S&P BSE Sensex was up 77.53 points or 0.29% at 26,920.67.
On BSE, so far 75,184 shares were traded in the counter as against average daily volume of 76,739 shares in the past one quarter. The stock hit a high of Rs 221.45 and a low of Rs 214.75 so far during the day. The stock had hit a record high of Rs 308.70 on 5 October 2015. The stock had hit a 52-week low of Rs 144.35 on 19 February 2016. The stock had underperformed the market over the past one month till 2 June 2016, gaining 1.59% compared with Sensex's 5.53% gains. The scrip had also underperformed the market in past one quarter, rising 6.45% as against Sensex's 10.73% gains.
The mid-cap company has equity capital of Rs 12.73 crore. Face value per share is Rs 1.
Suven Life Sciences said that it has secured one product patent from Israel and one product patent from Mexico corresponding to the New Chemical Entities (NCEs) for the treatment of disorders associated with Neurodegenerative diseases and these patents are valid through 2032.
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The granted claims of the patents include the class of selective 5-HT4 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, Parkinson and Schizophrenia.
With these new patents, Suven has a total of ten granted patents from Israel and twenty one granted product patents from Mexico. 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.
Suven Life Sciences' net profit rose 90.5% to Rs 32.29 crore on 53% rise in net sales to Rs 169.28 crore in Q4 March 2016 over Q4 March 2015.
Suven Life Sciences is a clinical stage biopharmaceutical company developing novel medicines to treat life-threatening Central Nervous System (CNS) disorders.
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