Claris Lifesciences rose 4.04% to Rs 229.20 at 11:45 IST on BSE after the company said it received the Prior Approval Supplement for Furosemide injection in the US market.
The announcement was made during trading hours today, 12 August 2015.
Meanwhile, the BSE Sensex was down 86.93 points, or 0.31%, to 27,779.16.
On BSE, so far 1.59 lakh shares were traded in the counter, compared with an average volume of 1.91 lakh shares in the past one quarter.
The stock hit a high of Rs 232 and a low of Rs 214.60 so far during the day. The stock hit a record high of Rs 358 on 13 April 2015. The stock hit a 52-week low of Rs 163.10 on 22 October 2014.
The stock had underperformed the market over the past one month till 11 August 2015, falling 8.25% compared with 0.74% rise in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 15.24% as against Sensex's 1.30% rise.
The small-cap company has an equity capital of Rs 54.57 crore. Face value per share is Rs 10.
Claris Lifesciences (Claris) announced that it has received the Prior Approval Supplement (PAS) for Furosemide injection in the United States of America (US). The company had received the original approval for this ANDA (abbreviated new drug application) in January 2014 and was selling the products in the US in 2014. However, since January 2015, the company has been facing supply issues from its raw material supplier and has not been able to supply its product to the US. The company had filed a PAS application to append an additional supplier to the ANDA, this process was done for redundancy and to ensure a consistent supply of the API (active pharmaceutical ingredient) for its finished formulation sold in the US. With this approval, alterative vendor has been appended to the ANDA, which will allow the company to recommence its supplies to the US, the company said in a statement.
The product had been facing supply issues in USA during the past year on various occasions and has also featured in the United States Food and Drug Administration (USFDA) shortage list since June 2012, the company said.
Furosemide injection is used to help treat fluid retention (edema) and swelling that is caused by congestive heart failure, liver disease (cirrhosis), kidney disease, or other medical conditions.
Claris said it has 13 ANDAs approved in its name across 8 molecules. The company has a under registration pipeline of 24 ANDAs across 21 molecules having an estimated addressable market size of $2.2 billion.
On a consolidated basis, Claris Lifesciences' net profit fell 21.74% to Rs 10.44 crore on 16.26% increase in net sales to Rs 154.73 crore in Q5 March 2015 over Q1 March 2014.
Claris Lifesciences is a multi-business enterprise and the holding company of Claris Injectables, a wholly-owned subsidiary dealing in Specialty Injectables business, collectively Claris; and 'Claris Otsuka', a Joint Venture with Japanese Otsuka Pharmaceutical Factory, Inc. & Mitsui & Co. for Infusion business in India and Emerging Markets.
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