Suven Life Sciences rose 1.79% to Rs 187.75 at 11:35 IST on BSE after the company said it secured a product patent in Australia and in USA.
The announcement was made during trading hours today, 13 June 2017.Meanwhile, the S&P BSE Sensex was up 77.59 points, or 0.25% to 31,173.29.
On the BSE, 28,000 shares were traded in the counter so far, compared with average daily volumes of 74,483 shares in the past one quarter. The stock had hit a high of Rs 192.40 and a low of Rs 185.40 so far during the day. The stock hit a 52-week high of Rs 221 on 21 July 2016. The stock hit a 52-week low of Rs 151.10 on 9 November 2016.
The stock had underperformed the market over the past one month till 12 June 2017, falling 5.24% compared with 3.01% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 9.50% as against Sensex's 5.61% rise. The scrip had underperformed the market in past one year, falling 11.02% as against Sensex's 17.80% rise.
The small-cap company has equity capital of Rs 12.73 crore. Face value per share is Re 1.
Suven Life Sciences (Suven) announced that it was granted one product patent from Australia and one product patent from USA corresponding to the New Chemical Entities (NCEs) for the treatment of disorders associated with Neurodegenerative diseases. These patents are valid through 2032 and 2034 respectively.
The granted claims of the patents are from the mechanism of action include the class of selective 5HT6 and 5HT4 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, Parkinson and Schizophrenia.
Net profit of Suven Life Sciences rose 7.8% to Rs 40.07 crore on 3.3% rise in net sales to Rs 175 crore in Q4 March 2017 over Q4 March 2016.
Suven Life Science is a biopharmaceutical company focused on discovering, developing and commercializing novel pharmaceutical products, which are first in class or best in class CNS therapies using GPCR targets.
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