Suven Life Sciences rose 3.01% to Rs 124.85 at 10:43 IST on BSE after the company said it has secured two product patents for their NCEs one each in Australia and Eurasia.
The company made the announcement during market hours today, 6 August 2014.
Meanwhile, the S&P BSE Sensex was down 67.85 points or 0.26% at 25,840.16.
On BSE, so far 2.12 lakh shares were traded in the counter as against average daily volume of 1.89 lakh shares in the past two weeks.
The stock hit a high of Rs 127.30 so far during the day, which is a record high for the counter. The stock hit a low of Rs 121.90 so far during the day.
Suven Life Sciences (Suven) today, 6 August 2014 , announced the grant of one product patent from Australia and one product patent from Eurasia corresponding to the new chemical entities (NCEs) for the treatment of disorders associated with neurodegenerative diseases and these patents are valid through 2030 and 2029 respectively.
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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, Suven said in a statement.
With these new patents, Suven has a total of eighteen granted patents from Australia and twelve product patents from Eurasia. 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, Suven said in a statement.
Venkat Jasti, CEO of Suven 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 cognitive disorders with high unmet medical need with huge market potential globally".
Suven Life Sciences' net profit jumped 275.6% to Rs 32.41 crore on 75.1% growth in net sales to Rs 130.80 crore in Q4 March 2014 over Q4 March 2013.
Suven Life Sciences 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.
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