Suven Life Sciences rose 2.28% to Rs 325 at 14:25 IST on BSE after the company said it initiated Multiple Ascending Dose studies in Phase 1 clinical trial for its investigational compound SUVN-G3031.
The announcement was made during trading hours today, 13 April 2015.
Meanwhile, the BSE Sensex was up 94.28 points, or 0.33%, to 28,973.66.
On BSE, so far 2.31 lakh shares were traded in the counter, compared with an average volume of 3.46 lakh shares in the past one quarter.
The stock hit a high of Rs 331.60 and a low of Rs 317.25 so far during the day. The stock hit a 52-week high of Rs 334.90 on 9 April 2015. The stock hit a 52-week low of Rs 74.10 on 17 April 2014.
The stock had outperformed the market over the past one month till 10 April 2015, rising 29.09% compared with 0.59% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 49.74% as against Sensex's 5.18% rise.
The mid-cap company has an equity capital of Rs 12.73 crore. Face value per share is Re 1.
Suven Life Sciences (Suven) announced that it has completed the single ascending dose (SAD) studies of SUVN-G3031 in healthy human volunteers and initiated multiple ascending dose studies (MAD) as a part of the Phase I study currently ongoing in USA under US-IND 123179. SUVN-G3031 is a potent, selective, brain penetrant and orally active Histamine H3 inverse agonist being developed for the treatment of cognitive dysfunction associated with Alzheimer's disease and Schizophrenia.
The Phase-1 study was designed to evaluate the safety, tolerability and pharmacokinetics of SUVN-G3031 in healthy volunteers. The tolerability of SUVN-G3031 up to the highest dose administered in SAD study is excellent. No serious adverse events occurred. SUVN-G3031 demonstrated excellent pharmacokinetics with a potential for once in a day dosing, Suven said in a statement.
Histaminergic dysfunction has been strongly associated with the cognitive and behavioral deficits observed in several CNS disorders. Hence novel, potent, selective, brain penetrant and orally active H3 receptor inverse agonist for the treatment of cognitive deficits would offer new line of treatment for the unmet medical needs in Alzheimer's disease, Schizophrenia and other CNS disorders, Suven added.
Suven Life Sciences' net profit fell 11.5% to Rs 32.23 crore on 9% rise in total income to Rs 131.10 crore in Q3 December 2014 over Q3 December 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 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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