Strides Arcolab surged 8.17% to Rs 592.20 at 12:11 IST on BSE after the company said it has received approval from the US Food & Drug Administration for Methoxsalen Capsules USP, 10 mg (Soft Gelatin Capsules).
The announcement was made during market hours today, 6 June 2014.
Meanwhile, the S&P BSE Sensex was up 155.17 points or 0.62% at 25,174.68.
On BSE, so far 2.82 lakh shares were traded in the counter as against average daily volume of 1.31 lakh shares in the past one quarter.
The stock hit a high of Rs 605 and a low of Rs 550 so far during the day.
The stock had underperformed the market over the past one month till 5 June 2014, advancing 6.44% compared with Sensex's 11.47% rise. The scrip had, however, outperformed the market in past one quarter, rallying 47.7% as against Sensex's 17.59% rise.
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The mid-cap company has equity capital of Rs 59.57 crore. Face value per share is Rs 10.
According to IMS data, the US market for generic Methoxsalen Capsule is approximately $13.6 million, with no generic player, Strides Arcolab said in a statement. The product will be manufactured at the company's USFDA approved oral dosage facility at Bangalore and marketed directly by Strides in the US market, the company said.
Methoxsalen is a drug used to treat psoriasis, eczema, vitiligo and some cutaneous lymphomas conjunction with exposing the skin to UVA light from lamps or sunlight. Methoxsalen modifies the way skin cells receive the UVA radiation, clearing up the disease, Strides said.
Strides Arcolab reported a net loss of Rs 48.27 crore in the quarter ended 31 March 2014 as against net profit of Rs 31.57 crore in the quarter ended 31 March 2013. Net sales rose 50.2% to Rs 242.36 crore in the quarter ended 31 March 2014 over the quarter ended 31 March 2013.
Strides Arcolab is a global pharmaceutical company headquartered in Bangalore that develops and manufactures a wide range of IP-led niche pharmaceutical products. The company has 5 manufacturing facilities present in more than 75 countries in developed and emerging markets.
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