Cadila Healthcare rose 0.88% to Rs 322.50 at 09:42 IST on BSE after the company announced that the USFDA has approved its plan to initiate a phase 2 clinical trial of Saroglitazar.
The announcement was made on Saturday, 4 June 2016.Meanwhile, the BSE Sensex was up 30.43 points, or 0.11%, to 26,873.46
On BSE, so far 14,000 shares were traded in the counter, compared with an average volume of 92,935 shares in the past one quarter. The stock hit a high of Rs 325.35 and a low of Rs 321.05 so far during the day. The stock hit a record high of Rs 454.40 on 23 October 2015. The stock hit a 52-week low of Rs 295.50 on 18 January 2016.
The large-cap company has an equity capital of Rs 102.37 crore. Face value per share is Re 1.
Cadila Healthcare announced on Saturday, 4 June 2016, that the United States Food and Drug Administration (USFDA) approved the company's plan to initiate a phase 2 clinical trial of Saroglitazar in patients with non-alcoholic Steatohepatitis (NASH) of the liver. This randomized, double-blind phase 2 trial will evaluate Saroglitazar 1mg, 2mg and 4mg Vs. Placebo. Commenting on the development, Pankaj Patel, Chairman and Managing Director of Cadila Healthcare said that NASH is an area of unmet healthcare need as there are currently no drugs approved for the treatment of NASH. Saroglitazar has significant and differentiated effect on hepatic steatosis, while it shows all other beneficial effects on reducing inflammation and fibrosis in the liver in NASH models, Patel said. With a phase III trial in biopsy proven NASH patients ongoing in India and a phase II trial in NASH patients planned in USA, Cadila is committed towards developing this drug for millions of patients suffering from NASH, Patel said.
Cadila Healthcare's consolidated net profit rose 10.9% to Rs 388.70 crore on 5.7% growth in net sales to Rs 2375.50 crore in Q4 March 2016 over Q4 March 2015.
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Cadila Healthcare is an innovative, global pharmaceutical company that discovers, develops, manufactures and markets a broad range of healthcare therapies.
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