Venus Remedies rose 2.37% to Rs 289.85 at 14:30 IST on BSE after the company said its novel antibiotic product received European patent.
Meanwhile, the BSE Sensex was up 79.89 points, or 0.32%, to 24,764.74.
On BSE, so far 1.36 lakh shares were traded in the counter, compared with an average volume of 36,368 shares in the past one quarter.
The stock hit a high of Rs 304.90 and a low of Rs 279.50 so far during the day. The stock hit a 52-week high of Rs 350 on 28 April 2014. The stock hit a 52-week low of Rs 140 on 2 August 2013.
The stock had underperformed the market over the past one month till 2 June 2014, falling 14.31% compared with 10.18% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 18.25% as against Sensex's 16.88% rise.
The small-cap company has an equity capital of Rs 11.44 crore. Face value per share is Rs 10.
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Venus Remedies said it received another patent grant for a novel antibiotic product VRP008 consisting of a carbapertem and a novel aminoglycoside (NCE entity) from EPO. Pioneering into antimicrobial resistance research, Venus Medicine Research Centre (VMRC), the research wing of Venus Remedies, is engaged in research for this product from the past 8 years.
The product is designed for mixed multi-drug infections for pediatric, geriatric and adult immuno-compromised patients where the risk of adverse events is high and very low amount of doses are required, It is expected to capture a wide range of market sector which is upheaval with antibiotics for wide indications, Venus Remedies said in a statement.
Currently, at least 25,000 people die each year in the European Union from infections due to ESKAPE pathogens which are multi-drug-resistant organisms. The economic impact is estimated at 1.5 billion euros per year. Infections caused by these antibiotic-resistant bacteria resulted in approximtely 2.5 million extra hospital days annually in Europe, the company said.
VMRC recognized the compounding problem of anti-microbial resistance more than 10 years ago, since then the team of Venus is working dedicatedly to provide effective and affordable solution to this problem. Its success in aphieving this target is evident from the number of patents it has received from all over the globe for its novel antibiotic entities such as Elores, Potentox, Vancoplus and VRP008 (the research code for this AAE). There is hardly any research going on in this direction and once the product is launched, it will be one of the best solution for ICU infections, the company added.
Product is developed by following the stringent international guidelines defined for developing a new drug and has undergone for pre-clinical studies such as Acute Toxicity, Sub Acute toxicity, Intravenous, Para venous toxicities as per OECD guidelines, Efficacy and Safety studies established through a series of microbiological studies carried out as per CLSI guidelines. Apart from these, stringent stability studies on all four zone conditions including reconstitution stability have been carried out, the company said.
In 2009, the global anti-infectives market generated revenues of $79,12 billion for 12 months to second-quarter 2009. Over this period, the systemic antibacterial market accounted for 46.9% of this market segment reaching $37.14 billion in revenues. The total worldwide revenues for the systemic antibacterials drugs for 12 months to the Q2 were $37.14 billion. Overall growth for the forecast period from 2009 to 2024 is estimated to be 6.76% (CAGR) rising to a figure of $99.13 billion, the company said.
Net profit of Venus Remedies rose 18.08% to Rs 14.11 crore on 9.81% rise in net sales to Rs 137.29 crore in Q4 March 2014 over Q4 March 2013.
Venus Remedies is a fully integrated pharma company, known around the globe for its research and development initiatives and breakthroughs.
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