Suven Life Sciences rose 1.86% to Rs 237.85 at 11:14 IST on BSE after the company said it secured one product patent each in Eurasia and Israel.
The announcement was made during trading hours today, 9 March 2015.
Meanwhile, the BSE Sensex was down 392.21 points, or 1.33%, to 29,056.74.
On BSE, so far 1.31 lakh shares were traded in the counter, compared with an average volume of 1.63 lakh shares in the past one quarter.
The stock hit a high of Rs 244.75 and a low of Rs 230 so far during the day. The stock hit a 52-week high of Rs 266.55 on 2 February 2015. The stock hit a 52-week low of Rs 70 on 26 March 2014.
The stock had underperformed the market over the past one month till 5 March 2015, falling 3.75% compared with 2.07% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 5.51% as against Sensex's 3.48% rise.
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The small-cap company has an equity capital of Rs 12.73 crore. Face value per share is Re 1.
Suven Life Sciences (Suven) announced that the grant of one product patent from Eurasia and one product patent from Israel corresponding to the New Chemical Entities (NCEs) for the treatment of disorders associated with Neurodegenerative diseases and these patents are valid through 2029 and 2030 respectively.
The granted claims of the patents include the class of selective alpha-4-beta-2 compounds discovered by Suven and are being developed as therapeutic agents for major depressive disorder (MDD), the company said in a statement.
With these new patents, Suven has a total of fourteen granted patents from Eurasia and three granted patents from Israel. These granted patents are exclusive intellectual property of Suven and are achieved through the internal discovery research efforts. Products out of these inventions may be out-licensed at various phases of clinical development like at Phase-I or Phase-II, the statement said.
"We are very pleased by the grant of these patents to Suven for our pipeline of molecules in CNS arena that are being developed for Major Depressive Disorder (MDD) with high unmet medical need with huge market potential globally, said Venkat Jasti, CEO of Suven.
Net profit of Suven Life Sciences declined 11.53% to Rs 32.23 crore on 7.87% rise in net sales to Rs 128.83 crore in Q3 December 2014 over Q3 December 2013.
Suven Life Science is a biopharmaceutical company focused on discovering, developing and commercializing novel pharmaceutical products, which are first in class or best in class CNS therapies through the use of GPCR targets. The Company has eleven (11) internally-discovered therapeutic drug candidates currently in pre-clinical stage of development targeting conditions such as ADHD, dementia, depression, Huntington's disease, Parkinson's disease and obesity in addition to Phase 2 ready developmental candidate SUVN-502 for and Phase1 candidate SUVN-G3031 for Alzheimer's disease and Schizophrenia.
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