Sun Pharma Advanced Research Company rose 12.37% to Rs 204.15 at 9:32 IST on BSE after the company said US drug regulator issued a complete response letter to its new drug application for Latanoprost BAK-free eyedrops.
The announcement was made after market hours on Monday, 1 December 2014.
Meanwhile, the BSE Sensex was down 68.93 points, or 0.24%, to 28,490.69.
On BSE, so far 4.16 lakh shares were traded in the counter, compared with an average volume of 1.50 lakh shares in the past one quarter.
The stock hit a high of Rs 207.50 and a low of Rs 190 so far during the day. The stock hit a record high of Rs 218.60 on 9 September 2014. The stock hit a 52-week low of Rs 144.10 on 31 March 2014.
The stock had underperformed the market over the past one month till 1 December 2014, falling 8.42% compared with 2.49% rise in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 11.22% as against Sensex's 6.30% 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 the US Food and Drug Administration (FDA) has issued a complete response letter to its new drug application (NDA) for Latanoprost BAK-free eyedrops. While the FDA did not seek any additional information for supporting clinical data, it sought additional information on certain labeling and other deficiencies for processing the NDA. SPARC believes that this additional information request from the FDA can be addressed on priority.
Latanoprost BAK-free is a preservative-free, once-a-day formulation of the glaucoma medication Latanoprost using SPARC's novel Swollen Micelle Microemulsion (SMM) technology. Unlike conventional glaucoma eyedrops, Latanoprost BAK-free does not cause or aggravate Ocular Surface Disease (OSD). Prostaglandin analogues like latanoprost are the first line of treatment for glaucoma. Market estimates place Latanoprost usage at as high as 55% of the US glaucoma market. Swollen micelle microemulsion technology, or SMM, helps to solubilize drugs that have limited or no solubility, and cuts out the need for a preservative.
Sun Pharma Advanced Research Company reported net loss of Rs 1.47 crore in Q2 September 2014 as against net loss of Rs 7.65 crore in Q2 September 2013. Net sales rose 77.67% to Rs 45.91 crore in Q2 September 2014 over Q2 September 2013.
SPARC is an international pharmaceutical company engaged in research and development of drugs and delivery systems.
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