Alembic Pharmaceuticals rose 0.85% to Rs 533.85 at 10:40 IST on BSE after the company announced that its associate company received USFDA ophan-drug designation for Tenasilib.
The announcement was made before market hours today, 26 December 2017.Meanwhile, the S&P BSE Sensex was down 18.72 points, or 0.06% to 33,921.58.
On the BSE, 822 shares were traded in the counter so far, compared with average daily volumes of 4,182 shares in the past one quarter. The stock had hit a high of Rs 535 and a low of Rs 530.30 so far during the day. The stock had hit a 52-week high of Rs 709.30 on 23 March 2017. The stock had hit a 52-week low of Rs 469.75 on 20 September 2017.
The large-cap company has equity capital of Rs 37.70 crore. Face value per share is Rs 2.
Alembic Pharmaceuticals announced that its associate company, Rhizen Pharmaceuticals S.A. (Rhizen) has been granted by the United States Food & Drug Administration (USFDA) the orphan-drug designation for the active moiety of Tenalisib (RP6530), the company's highly selective and orally active dual PI3K delta/gamma inhibitor, for the treatment of peripheral T-cell lymphoma (PTCL).
The orphan-drug designation is granted to a drug or biological product intended to treat a rare disease in the United States. A number of incentives are provided for an orphan-drug such as a 7-year marketing exclusivity, tax credit for clinical development costs, exemption/waiver of application (filing) fees and assistance from the USFDA office of Orphan Products Development during the development process.
Rhizen Pharmaceuticals is an innovative, clinical-stage biopharmaceutical company focused on the discovery and development of novel therapeutics for the treatment of cancer, immune and metabolic disorders.
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Alembic Pharmaceuticals' consolidated net profit rose 1.4% to Rs 121.56 crore on 10.2% decline in net sales to Rs 789.29 crore in Q2 September 2017 over Q2 September 2016.
Alembic Pharmaceuticals manufactures and markets generic pharmaceutical products.
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