Sun Pharma Advanced Research Company (SPARC) announced positive top-line results from pivotal phase 3 clinical trial of PDP-716 for the treatment of ocular hypertension.
SPARC reported positive top-line results from its Phase 3 trial (CLR_16_33) for its investigational drug, PDP-716 ophthalmic suspension, for the treatment of open angle glaucoma or ocular hypertension.
PDP-716 is a novel, once daily, ophthalmic suspension of Brimonidine Tartrate 0.35%. PDP-716 is developed using SPARC's proprietary TearAct technology.
The trial met its pre-specified primary endpoint, demonstrating that PDP-716 dosed once daily is equivalent to Alphagan P 0.1% dosed 3 times a day.
"We are very pleased by these results for PDP-716. Once daily dosing of PDP-716 can significantly reduce the dosing frequency compared to currently marketed formulation and can have positive impact on quality of life for patients with Glaucoma." said Anil Raghavan, CEO of SPARC.
Meanwhile, the board of director of SPARC on Wednesday approved a proposal to raise up to Rs 1,200.97 crore to Dilip Shantilal Shanghvi, promoter of the company and to 34 other non-promoter group persons, including Rekha Jhunjhunwala, Authum Investment, University of Notre Dame DU Lac, Cohesion Investment (Cayman), Ashish Maheshwari and Abakkus Growth Fund, by way of preferential issue.
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The board has approved to issue up to 6.75 crore warrants each convertible into, or exchangeable for, one equity share within the period of 18 months at Rs 178 each.
On a standalone basis, SPARC reported a net loss of Rs 67.62 crore in Q3 December 2020 as compared to a net loss of Rs 55.51 crore in Q3 December 2019. Net sales jumped 11.3% Y-o-Y (year-on-year) to Rs 21.81 crore during the quarter.
SPARC is engaged in research and experimental development on natural sciences and engineering. The company operates through pharmaceuticals research and development segment.
Shares of Sun Pharma Advanced Research Company (SPARC) slumped 6.07% to Rs 225 on BSE. The stock traded in the range of Rs 217.90 to Rs 241.40 so far.
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