Suven Life Sciences gains on starting trial of Alzheimer drug in US

Suven Life Sciences rose 2.20% to Rs 266.60 at 11:39 IST on BSE after the company said it has initiated phase 2A clinical trial of SUVN-502 on patients with moderate Alzheimer's disease.

The announcement was made during trading hours today, 7 December 2015.

Meanwhile, the BSE Sensex was down 19.26 points, or 0.08%, to 25,618.85.

On BSE, so far 1.34 lakh shares were traded in the counter, compared with an average volume of 1.94 lakh shares in the past one quarter.

The stock hit a high of Rs 272.55 and a low of Rs 260 so far during the day. The stock hit a record high of Rs 338.50 on 15 April 2015. The stock hit a 52-week low of Rs 192.15 on 8 September 2015.

 

The stock had underperformed the market over the past one month till 4 December 2015, sliding 4.97% compared with 3.45% decline in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 23.39% as against Sensex's 1.73% rise.

The mid-cap company has an equity capital of Rs 12.73 crore. Face value per share is Re 1.

Suven Life Sciences said that the clinical development program is being executed through Suven, Inc., a US-based wholly-owned subsidiary of Suven Life Sciences. The trial is likely to be completed by end of second quarter of 2017, subject to the achievement of estimated 12 months' enrollment goal in USA.

Alzheimer's disease occupies the highest unmet medical needs with an estimated global population of 26 million. Alzheimer's is a type of dementia that causes problems with memory, thinking and behavior. Alzheimer's is not a normal part of aging and worsens over time. Alzheimer's has no current cure. The current $10 Billion market size of Alzheimer's is likely to triple in 8 to 10 years in USA and with a major impact on indirect cost estimated to be more than triple from the current level of $225 Billion in United States alone, the company said.

Net profit of Suven Life Sciences declined 0.44% to Rs 24.73 crore on 16.50% decline in net sales to Rs 116.76 crore in Q2 September 2015 over Q2 September 2014.

Suven Life Sciences is a clinical stage biopharmaceutical company developing novel medicines to treat life-threatening Central Nervous System (CNS) disorders.

Powered by Capital Market - Live News