Strides Pharma Science advanced 2.12% to Rs 1,372.45 after its step-down wholly owned subsidiary, Strides Pharma Global Pte, Singapore, received US Food & Drug Administration (USFDA) approval for Theophylline Extended-Release tablets.
The product is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Theo-Dur, of Schering Corp.Theophylline Extended-Release tablets are generic version and it is used to manage respiratory conditions like chronic asthma, chronic obstructive pulmonary disease (COPD) and bronchospasm. The medication works as a bronchodilator, relaxing the muscles around the bronchial tubes to ease breathing.
The drug is particularly helpful in preventing and treating symptoms such as wheezing, shortness of breath, and chest tightness. The extended-release formulation allows for prolonged drug release, reducing the frequency of dosing and providing consistent relief from symptoms over time.
The approved drug will be manufactured at the companys flagship facility in KRS Gardens in Bangalore, India.
As per IQVIA, Theophylline Extended-Release tablets, have a combined market size of around $11.5 million.
Strides Pharma Science is engaged in develops and manufactures a wide range of IP-led niche Pharmaceutical products.
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The company reported a consolidated net profit of Rs 70.20 crore in Q1 FY25 as against a net loss of Rs 7.11 crore posted in Q1 FY24. Revenue from operations stood at Rs 1,087.50 crore in the quarter ended June 2024, registering a growth of 16.93% YoY.
The counter hit a life high of Rs 1,394.95 in intraday today.
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