Suven Life sciences jumped 4.27% to Rs 190.40 at 13:00 IST on BSE after the company said it secured one product patent from South Korea and one from USA.
The company made the announcement during market hours today, 13 October 2014.
Meanwhile, the BSE Sensex was down 65.07 points, or 0.25%, to 26,231.36.
On BSE, so far 2.9 lakh shares were traded in the counter, compared with an average volume of 3.32 lakh shares in the past one quarter.
The stock hit a high of Rs 192.50 and a low of Rs 178.90 so far during the day. The stock hit a record high of Rs 229.80 on 8 September 2014. The stock hit a 52-week low of Rs 44.50 on 10 October 2013.
The stock had underperformed the market over the past one month till 10 October 2014, falling 10.60% compared with Sensex's 2.81% decline. However, the scrip had outperformed the market in past one quarter, jumping 77.54% as against Sensex's 3.64% rise.
The mid-cap company has an equity capital of Rs 11.68 crore. Face value per share is Rs 1.
Suven Life sciences announced that its drug discovery portfolio which has expanded into several new therapeutic areas such as major depressive disorder (MDD), obesity and pain through Neuronal Nicotinic Receptor modulators resulted in the grant of one product patent from USA (8735423) and one product patent from South Korea (10-1410903) corresponding to the New Chemical Entity (NCE) for the treatment of disorders associated with neurodegenerative diseases and these patents are valid through 2030. The granted claims of the patents include the class of selective alpha-4-beta-2 compounds discovered by Suven and are being developed as therapeutic agents for major depressive disorder (MDD). With these new patents, Suven has a total of nineteen granted patents from USA and fifteen granted patents from South Korea. 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, the company said in a statement.
Suven Life Science's net profit rose 16.7% to Rs 34.74 crore on 27.5% rise in total income to Rs 142.61 crore in Q1 June 2014 over Q1 June 2013.
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 through the use of GPCR targets. The company has twelve (12) internally-discovered therapeutic drug candidates currently in pre-clinical stage of development targeting conditions such as ADHD, dementia, major depressive disorder (MDD), Huntington's disease, Parkinson's disease and obesity in addition to developmental candidate SUVN-502 for Alzheimer's diseases and Schizophrenia.
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