Suven Life Sciences rose 1.57% to Rs 264.60 at 11:05 IST on BSE after the company said it secured three product patents in Canada, ARIPO and South Korea.
The announcement was made during trading hours today, 5 January 2016.Meanwhile, the BSE Sensex was down 60.06 points, or 0.23%, to 25,563.29.
On BSE, so far 92,000 shares were traded in the counter, compared with an average volume of 1.58 lakh shares in the past one quarter. The stock hit a high of Rs 269.40 and a low of Rs 258.30 so far during the day. The stock hit a record high of Rs 338.50 on 15 April 2015. The stock hit a 52-week low of Rs 192.15 on 8 September 2015. The stock had underperformed the market over the past one month till 4 January 2016, sliding 0.13% compared with 0.06% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 9% as against Sensex's 2.28% fall.
The mid-cap company has an equity capital of Rs 12.73 crore. Face value per share is Re 1.
Suven Life Sciences (Suven) said that it secured one product patent from Canada, one product patent from ARIPO (African Regional Intellectual Property Organization) and one product patent from South Korea. These patents correspond to the New Chemical Entities (NCEs) for the treatment of disorders associated with neurodegenerative diseases. These patents are valid through 2030, the company said. The granted claims of the patents include the class of selective 5-HT compounds discovered by Suven and are being developed as therapeutic agents and are useful in the treatment of cognitive impairment associated with neurodegenerative disorders like Alzheimer's disease, Attention deficient hyperactivity disorder (ADHD), Huntington's disease, Parkinson and Schizophrenia, the company added.
With these new patents, Suven has a total of twenty-one (21) granted patents from Canada, two (2) granted product patents from ARIPO and nineteen (19) granted patents from South Korea. 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, it said.
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Suven Life Sciences' net profit declined 0.4% to Rs 24.73 crore on 16.5% drop in net sales to Rs 116.76 crore in Q2 September 2015 over Q2 September 2014. Suven Life Sciences is a clinical stage biopharmaceutical company developing novel medicines to treat life-threatening Central Nervous System (CNS) disorders.
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