"Medicine is the science of uncertainty and the art of probability especially inour domain of work. Given our unwavering Purpose and unrelenti ng spirit we are confidentof crossing the finishing line"
I trust you are safe and are continuing with the necessary precautions. For even as Ishare my thoughts with you the number of covid positive cases have jumped sharply. We allneed to come together once again to avoid another mayhem of the likes we endured in thesecond wave.
FY22 has been a year of sustained effort in moving our molecules forward along thedevelopment journey.
Our lead molecules have progressed in their clinical journey. We have completed thePhase 2 study on Alzheimer's in the US for SUVN-502 (Masupirdine) but unfortunately it didnot meet the primary end point but has a great safety profile. Based on the promisingsecondary end point and safety profile and with the discussion with US FDA we will movethis compound into Phase 3 clinical trial targeting agitation and aggression in Alzheimertype dementia and are initiating this Phase 3 study in North America and Europe.
SUVN-G3031 (Samelisant) undergoing Phase-2 study on Narcolepsy in North America gainedmomentum during the year under review after the temporary slowdown owing to the pandemic.So far 130 patients have been randomized of which 98 completed
Our other two molecules are also ready for going through the Phase 2 PoC studies whichshould commence in the near future. Our hard work is germinating nice and steady.
We have expended B106.37 Crores during FY 22 in development and clinical trials. Weearned B11.84 Crores from Drug Discovery Services (assisting other innovators in theirsearch for better medication). We reported consolidated Net Loss of B122 Crores.
Normally a loss of this magnitude would lead entrepreneurs to rethink their strategyrealign their business model or maybe switch business spaces. Being discovery anddevelopment driven with high burning rate the loss is bound to be there until we reachthe stage of monetization/ commercialization after success in clinical developmentprograms.
But for us a loss is like our shadow. It can be at the very next step. But that doesnot prevent us from taking that step and many other such steps which we have faithfullydone over the last 19 years of our innovation journey.
Ours is a journey with a vision that is focused on providing solution to global unmetmedical needs. We have set on a course that is seldom the mainstream yet capable ofbreaking the glass ceiling of the pharma sector.
We are in these spaces because when barriers are high the thrill of journeying pastthem is even higher and the satisfaction of overcoming them is far more intense. It drivesus.
What we do will leave an indelible mark in our world of pharmaceutical innovation. Whenwe succeed we will leave behind a legacy that will improve the quality of life formillions across the world. When we don't meet the primary endpoint we leave behind loadsof data for like- minded innovators like us - to better what we have done. Both ways it'sa win-win.
What's overtly aspiring for us is to continue with our innovative struggle to achievethat EUREKA moment which can emerge as a beacon of hope for patients and their caregiverswho are stuck in the quagmire of hopelessness.
The future looks just like what we perceived a lot of it is in an exciting stage.Standing at a crucial juncture with 7 molecules in the clinical phase of the developmentjourney funding our future journey is critical to consolidating the foothold of theCompany. I have already funded B147 Crores but that itself is not enough. Hence we are inthe process of raising more funds through a rights issue which will help continue fundingthe development of our robust pipeline of molecules. Hopefully our clinical moleculeswill generate sufficient global interest over the near to medium term.
We are committed to our innovation blueprint. We believe that progress is not a one-actplay it should be like a chain reaction - continuous and sustaining. This is the gospelof truth for us at Suven Life Sciences. Given our unwavering focus and unrelenting spiritwe are confident of crossing the finishing line.
I take this opportunity to express my sincere gratitude to my fellow Directors andemployees for their commitment to strengthening our innovation ecosystem ethicalstandards and governance framework. I thank our esteemed shareholders partners and allstakeholders for believing in our vision and reaffirming confidence in our capability andbrushing shoulders with us in our long but progressive journey.
Chairman & CEO