Drug firm Venus Remedies today said it has received patent from the European Patent Office (EPO) for ACHNIL, its once-a-day painkiller injection.
The patent grant will be in force till 2025 in the member countries of EPO, and the "company has already received patent for the same formulation by Indian Patent Office and plans to launch it next month in Indian market", Venus Remedies said in a statement.
"This novel formulation based on novel drug delivery system (NDDS) technology is going to fill the gap of long standing demand for better pain management therapy," Venus Remedies Joint Managing Director Manu Chaudhry said.
The development of ACHNIL took more than five years and has completed phase-III clinical trials successfully. The company plans to commercialise this formulation in the European market through out-licensing of exclusive marketing rights to a Pharma major, the company said.
ACHNIL based on Aceclofenac, is a radical innovation of Venus Medicine Research Centre. It is a non steroidal anti-inflammatory drug (NSAID), used to relieve acute as well as chronic pain.
The company expects the global market for pain management to reach $60 billion by the year 2015.
Speaking on the benefits of the injection, Chaudhry said, "It is not only going to reduce the number of pricks but will also drastically reduce the side effects associated with the use of NSAIDs."
Shares Of Venus Remedies closed at Rs 210.75, up 7.20% on the Bombay Stock Exchange today.
