Suven Life Sciences gained 2.15% to Rs 176.85 at 11:00 IST on BSE after the company announced that it has secured two product patents in Eurasia and Norway.
The announcement was made during market hours today, 3 January 2017.Meanwhile, the BSE Sensex was up 38.94 points, or 0.15%, to 26,634.39.
On the BSE, 27,878 shares were traded in the counter so far, compared with average daily volume of 64,034 shares in the past one quarter. The stock had hit a high of Rs 179.50 and a low of Rs 171 so far during the day. The stock had hit a 52-week high of Rs 269.40 on 5 January 2016. The stock had hit a 52-week low of Rs 144.35 on 19 February 2016.
The stock had underperformed the market over the past one month till 2 January 2017, falling 3.86% compared with Sensex's 1.39% rise. The scrip had also underperformed the market in past one quarter, dropping 13.57% as against Sensex's 4.56% decline.
The small-cap company has equity capital of Rs 12.73 crore. Face value per share is Re 1.
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Suven Life Sciences announced the grant of one product patent from Eurasia and one product patent from Norway corresponding to the new chemical entities (NCEs) for the treatment of disorders associated with neurodegenerative diseases and these patents are valid through 2032 and 2025 respectively.
The granted claims of the patents are from the mechanism of action include the class of selective H3 Inverse agonist compounds and 5HT6 compounds 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, Major Depressive disorder (MDD), Parkinson and Schizophrenia.
Suven Life Sciences' net profit rose 5.2% to Rs 26.56 crore on 1.2% decline in net sales to Rs 115.55 crore in Q2 September 2016 over Q2 September 2015.
Suven Life Sciences is a biopharmaceutical company specializing in drug discovery and developmental activities in central nervous system disorders and contract research and manufacturing services (CRAMS).
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