Suven Life Sciences rose 2.29% to Rs 44.65 at 11:13 IST on BSE after the company said it has secured three product patents corresponding to the new chemical entities for the treatment of disorders associated with Neurodegenerative diseases.
The announcement was made during trading hours today, 25 September 2013.
Meanwhile, the S&P BSE Sensex was down 162.67 points or 0.82% at 19,757.54.
On BSE, 1.99 lakh shares were traded in the counter as against average daily volume of 1.89 lakh shares in the past one quarter.
The stock surged as much as 5.38% at the day's high of Rs 46 so far during the day. The stock rose 0.34% at the day's low of Rs 43.80 so far during the day. The stock had hit a 52-week high of Rs 49.90 on 5 September 2013. The stock had hit a 52-week low of Rs 22 on 4 March 2013.
The stock had outperformed the market over the past one month till 24 September 2013, jumping 30.88% compared with the Sensex's 7.56% surge. The scrip had also outperformed the market in past one quarter, galloping 84.18% as against Sensex's 7.44% gain.
The small-cap company has equity capital of Rs 11.68 crore. Face value per share is Re 1.
Suven Life Sciences (Suven) announced today, 25 September 2013, the grant of three product patents one each from New Zealand, Singapore and South Korea corresponding to the New Chemical Entities (NCEs) for the treatment of disorders associated with Neurodegenerative diseases and these Patents are valid through 2029, 2030 and 2028 respectively.
The granted claims of the patents include the class of selective 5-HT compounds discovered by Suven 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, Suven said in a statement.
With these new patents, Suven has a total of seventeen granted patents from New Zealand, sixteen granted patents from Singapore and eleven granted patents fromSouth Korea. 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 said in a statement.
Venkat Jasti, CEO of Suven said, "We are very pleased by the grant of these patents to Suven for our pipeline of molecules in CNS arena that are being developed for cognitive disorders with high unmet medical need with huge market potential globally."
Suven Life Sciences' net profit surged 274% to Rs 29.77 crore on 54.1% growth in net sales to Rs 108.67 crore in Q1 June 2013 over Q1 June 2012.
Suven Life Sciences is a biopharmaceutical company focused on discovering, developing and commercializing novel pharmaceutical products, which are first in class or best in class CNS therapies through the use of GPCR targets. The company has twelve internallydiscovered therapeutic drug candidates currently in pre-clinical stage of development targeting conditions such as ADHD, dementia, depression, Huntington's disease, Parkinson's disease and obesity in addition to developmental candidate SUVN-502 for Alzheimer's disease and Schizophrenia.
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