Suven Life Sciences rose 3.69% to Rs 234.70 at 12:40 IST on BSE after the company secured three product patents in Israel, Japan and South Africa for the treatment of disorders associated with Neurodegenerative diseases.
Meanwhile, the BSE Sensex was up 37.06 points, or 0.13%, to 27,682.21.
On BSE, so far 1.6 lakh shares were traded in the counter, compared with an average volume of 2.19 lakh shares in the past one quarter.
The stock hit a high of Rs 239 and a low of Rs 226 so far during the day. The stock hit a record high of Rs 338.50 on 15 April 2015. The stock hit a 52-week low of Rs 95.25 on 27 June 2014.
The stock had underperformed the market over the past one month till 29 June 2015, falling 19.29% compared with 0.66% fall in the Sensex. The scrip had also underperformed the market in past one quarter, declining 20.45% as against Sensex's 0.68% gain.
The mid-cap stock has an equity capital of Rs 12.73 crore. Face value per share is Re 1.
Suven Life Sciences announced today, 30 June 2015, the grant of one product patent from Israel (218525), one product patent from Japan (5714729) and one product patent from South Africa (2013/09100) corresponding to their New Chemical Entities (NCEs) for the treatment of disorders associated with Neurodegenerative diseases.
The granted claims of the patents include the class of selective 5-HT compounds discovered by Suven and are being developed as therapeutic agents and are useful in the treatment of cognitive impairment associated with neurodegenerative disorders like Alzheimer's disease, Attention deficient hyperactivity disorder (ADHD), Huntington's disease, Parkinson and Schizophrenia.
With these new patents, Suven has a total of six granted patents from Israel, seventeen granted patents from Japan and twenty granted patents from South Africa. These granted patents are exclusive intellectual property of Suven and are achieved through the internal discovery research efforts. Products out of these inventions may be out-licensed at various phases of clinical development like at Phase-I or Phase-II, Suven Life Sciences said.
Suven Life Sciences' net profit declined 47.7% to Rs 16.95 crore on 13.3% decline in total income to Rs 114.47 crore in Q4 March 2015 over Q4 March 2014.
Suven Life Sciences is a biopharmaceutical company focused on discovering, developing and commercializing novel pharmaceutical products, which are first in class or best in class CNS therapies through the use of GPCR targets. The company has eleven (11) internally-discovered therapeutic drug candidates currently in pre-clinical stage of development targeting conditions such as ADHD, dementia, depression, Huntington's disease, Parkinson's disease and obesity in addition to Phase 2 ready developmental candidate SUVN-502 for and Phase1 candidate SUVNG3031 for Alzheimer's disease and Schizophrenia.
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