Sun Pharma Advanced Research Company rose 1.46% at Rs 163.20 at 11:35 IST on BSE after the company announced that its licensee has received an approval from the Drug Controller General of India for a drug used in treatment of breast cancer.
The announcement was made before market hours today, 24 January 2014.
Meanwhile, the BSE Sensex was down 220.74 points, or 1.03%, to 21,152.92
On BSE, so far 3.62 lakh shares were traded in the counter as against an average daily volume of 3.09 lakh shares in the past one quarter.
The stock hit a high of Rs 167.90 and a low of Rs 162.10 so far during the day. The stock had hit a 52-week high of Rs 179.50 on 9 December 2013. The stock had hit a 52-week low of Rs 103.15 on 27 February 2013.
The stock had outperformed the market over the past one month till 23 January 2014, rising 4.21% compared with the Sensex's 1.29% rise. The scrip also outperformed the market in past one quarter, advancing 14.73% as against Sensex's 2.92% rise.
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The mid-cap company has an equity capital of Rs 23.67 crore. Face value per share is Re 1.
Sun Pharma Advanced Research Company (SPARC) announced that its licensee has received an approval from the Drug Controller General of India (DCGI) for Paclitaxel Injection Concentrate for Nanodispersion (PICN), indicated for the treatment of metastatic breast cancer.
In a clinical study in metastatic breast cancer patients, PICN was found to be equally effective and safe when compared to ABRAXANE. PICN is approved in India for both 260 milligram (mg)/m2 and 295mg/m2 doses to be administered every 3 weeks.
PICN is a novel formulation of Paclitaxel using SPARC's proprietary Nanotecton platform technology and is a Cremophor and Albumin-free formulation. It offers the convenience of a quick and easy one-step dilution and infusion preparation for healthcare professionals. PICN can be administered in a short 30 minute infusion and unlike conventional Paclitaxel formulations it does not require premedication with steroids and anti-histamines and does not lead to any significant hypersensitivity reaction in patients.
SPARC has licensed Sun Pharmaceutical Industries (SPIL) or its assignee to manufacture, promote and distribute PICN in the Indian market. As a part of the arrangement, SPARC is eligible for milestone and royalty income, the company said in a statement.
SPARC reported net loss of Rs 7.65 crore in Q2 September 2013, lower than the net loss of Rs 24.12 crore in Q2 September 2012. Net sales rose 432.8% to Rs 25.84 crore in Q2 September 2013 over Q2 September 2012.
SPARC is an international pharmaceutical company engaged in research and development of drugs and delivery systems.
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