Suven Life Sciences rose 3.19% to Rs 202.45 at 11:15 IST on BSE after the company said that it has secured a total of three product patents, one each in Canada, Europe and Hong Kong.
The announcement was made during market hours today, 9 September 2016.Meanwhile, the BSE Sensex was down 215.31 points, or 0.74%, to 28,829.97.
Higher than normal volumes were witnessed on the counter. On BSE, so far 99,636 shares were traded in the counter, compared with average daily volume of 61,833 shares in the past one quarter. The stock hit a high of Rs 205.10 and a low of Rs 196.20 so far during the day. The stock hit a 52-week high of Rs 308.70 on 5 October 2015. The stock 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 8 September 2016, falling 2.07% compared with Sensex's 3.06% gains. The scrip had also underperformed the market in past one quarter, dropping 6.7% as against Sensex's 7.49% gains.
The mid-cap company has equity capital of Rs 12.73 crore. Face value per share is Re 1.
Suven Life Sciences announced that it was granted one product patent from Canada, one product patent from Europe and one product patent from Hong Kong corresponding to the New Chemical Entities (NCEs) for the treatment of disorders associated with Neurodegenerative diseases. These patents are valid through 2030, 2032 and 2032 respectively.
The granted claims of the patents are from the mechanism of action include the class of selective 5-HT4 compounds and H3 Inverse agonist 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.
With these new patents, Suven has a total of twenty four granted patents from Canada, twenty two granted patents from Europe and twenty one granted patents from Hong Kong. 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 outlicensed at various phases of clinical development like at Phase-I or Phase-II, Suven Life said.
Suven Life Sciences' consolidated net profit rose 58.2% to Rs 32.58 crore on 31.7% rise in net sales to Rs 133.23 crore in Q1 June 2016 over Q1 June 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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