Venus Remedies rose 6.14% to Rs 265.20 at 14:49 IST on BSE after the company said it received marketing authorisation from Swiss drug authority for anti-cancer drug Gemcitabine.
The company made the announcement during trading hours today, 20 August 2014.
Meanwhile, the BSE Sensex was down 66.95 points, or 0.25%, to 26,353.72.
On BSE, so far 75,000 shares were traded in the counter, compared with an average volume of 33,460 shares in the past one quarter.
The stock hit a high of Rs 275 and a low of Rs 250.75 so far during the day. The stock hit a 52-week high of Rs 350 on 28 April 2014. The stock hit a 52-week low of Rs 162.30 on 20 August 2013.
The stock had underperformed the market over the past one month till 19 August 2014, falling 5.77% compared with 3.04% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 20.66% as against Sensex's 8.45% rise.
The small-cap company has an equity capital of Rs 11.44 crore. Face value per share is Rs 10.
Venus Remedies said it received its first marketing authorization (MA) in Switzerland from Swiss drug authority (Swissmedic) for Gemcitabine 200 milligram (mg) & 1 gram injection through Venus Pharma GmbH. This market approval of critically important oncology drug Gemcitabine injection will help Venus to strengthen its oncology portfolio. The company is planning to launch this product in early next quarter within this fiscal year to expand its presence in the oncology space. Venus Pharma GmbH the German subsidary will carry out complete analysis of the goods. The product will be launched in Switzerland market by Swiss Pharma GmbH with whom Venus has a marketing tie up, the company said in a statement.
Venus has already received more than 20 marketing approval for Gemcitabine injection from various countries and is being sold in UK, Poland and Germany. By addition of this marketing approval from Switzerland, the company is expecting to generate good revenue in this year. Venus is all set to capture substantial market share by entering the market of Swiss as it stands amongst the first few to receive the Market Authorization for Gemcitabine and the first company from India to have MA in Switzerland for this product, the company said.
Gemcitabine is first line anti-cancer drug which is used in the treatment of a variety of cancerous diseases including the cancer of lungs, pancreas, bladder and breast. Gemcitabine, in combination with Cisplatin. received U S Food and Drug Administration (USFDA) and European Medicines Agency (EMEA) approval as a first line treatment for lung cancer which is the most common form of cancer worldwide and accounts for 1.2 million fresh cases annually. According to the European Cancer Observatory, 216,000 cases/annum are diagnosed with pancreatic cancer of which 77,940 died in 2012 alone. The mortality of pancreatic cancer is high, making it the fourth deadliest Cancer for both men and women. Gemcitabine is the only approved drug for pancreatic cancer which has a survival rate of below 3% and Gemcitabine has been established as the gold standard drug therapy for this form of cancer. Gemcitabine is all set for explosive growth and remains amongst the choicest of drugs even after becoming generic, Venus Remedies added.
The very recent grant of market authorization of Gemcitabine once again proved company's R&D capabilities and its expertise in developing world class products with regulatory might. The dossier was developed as per international guidelines, as a generic against the originator's product "GEMZAR" of Eli Lilly's. With these milestones, Venus shall be able to capture a significant share of the Gemcitabine market in Switzerland, since Venus has competitive edge against other players. Launch of this product will add to the top line and bottom line of the company in coming quarters, the company said.
Net profit of Venus Remedies declined 33.05% to Rs 10.25 crore on 4.61% decline in net sales to Rs 120.81 crore in Q1 June 2014 over Q1 June 2013.
Venus Remedies is a fully integrated pharmaceutical company. It manufacturing products in critical care segments such as anti cancer, anti infective, neurology, skin & wound care, and pain management.
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