I hope you are safe and healthy. For the carefree world as we knew it has completelychanged with the sudden spread of the pandemic across the globe.
While I am saddened by the colossal loss to mankind by this microscopic enemy I ampleased with the progress made by the research fraternity across the world who cametogether in this time of crisis to develop relevant solutions for this ailment andeffective vaccines that minimise the impact on humans from this contagion. This is veryheartening progress for it builds confidence to survive and succeed.
From a dispassionate perspective this pandemic has proved that progress in thishighly competent world is the key to survival. It is clear that a lack of progress willresult in the gradual decline of success. It must also be noted that progress is not aone-time act it is a repetitive process and must always be the foremost goal of anysociety for it to achieve the greatest peak.
This is the belief we nurture at Suven Life Sciences. Every day we strive to progress -in our successes and learnings (we have no failures).
In FY21 we achieved considerable progress in our research endeavours which fills ourhearts and minds with considerable satisfaction.
Our lead molecule Masupirdine is readying for its Phase 2/3 Clinical Trial.
Although patient enrollment for the Clinical Trial of our second lead moleculeSamelisant (SUVN-G3031) faced headwinds we had some positives for this molecule. The DataSafety Monitoring Board (DSMB) confirmed that the molecule does not have any side effect.An important positive for us. Further they suggested that we increase the patient poolfor adding one more indication. While this will delay the end result by about 18 monthsbut some journeys are definitely worth the wait.
Internally we will continue to progress our existing assets further along thedevelopment path. Our two molecules are ready at the Phase 2 Proof of Concept stage. Wehope to initiate Clinical Trials for them shortly.
We invested US$6.18 mn in clinical trials in FY21. We plan to pump in another US$10 mnin FY22.
Many have asked what drives us to burn out such sizeable funds with no assured revenuevisibility. Our perspective is that this is not a burn but the need of the hour. Becausebrain-related disorders are quietly but steadily become increasingly intense. And beforewe know it will consume people families and nations if we do not push ourselves todevelop relevant solutions now.
I take immense pride in stating that the Suven Life Sciences team comprises ofmavericks who dare to look at the world differently; we are singularly focused ondeveloping a life-changing remedy that could benefit millions across the world.
We are charged with the recent FDA approval for Aduhelm (aducanumab) a molecule of aglobal pharma company to treat patients with Alzheimer's disease. It is the first noveltherapy approved for Alzheimer's since 2003. It showcases progress. It provides hope. Itgives a direction.
On funding our future journey we have enough funds to carry our research for 12months. Further
I have committed D147 Crore to Suven Life Sciences from my own resources. This shouldbe sufficient to carry on for another 12-18 months. Hopefully by then our molecules wouldhave made good progress to generate sufficient global interest.
In closing I take this opportunity to express my sincere gratitude to my fellowDirectors for their commitment is strengthening our ethical fabric and governanceframework. I thank our esteemed shareholders partners and other stakeholders forbelieving in our story and reposing their confidence in our capability and extending theirsupport in our long but progressive journey.
Chairman & CEO.