Jubilant Life Sciences shares rallied nearly 10 per cent in early trade on Monday after the company announced that its wholly own subsidiary Jubilant Pharma Limited, through one of its units Jubilant DraxImage Inc. Montreal Canada, has received US Food and Drug Administration (USFDA) approval for RUBY-FILL. This approved new drug application provides for the use of RUBY-FILL for Positron Emission Tomography (PET) imaging of the myocardium under rest or pharmacologic stress conditions to evaluate regional myocardial perfusion in adult patients with suspected or existing coronary artery disease.
At 10.02 am, shares of the integrated global pharmaceuticals and life sciences company were trading 7.16 per cent up at Rs 658.65. The scrip opened the day at Rs 660 and has touched a high and low of Rs 676.10 and Rs 653.40, respectively, in trade so far. Later, the scrip closed 6.21 per cent up at Rs 652.85.
The product is expected to be launched in the third quarter of financial year 2017 under the company’s registered brand name RUBY-FILL for which the current estimated US market size is US$76mn and has a potential to grow up to US$250 million annually in the next five years.
Shyam S Bhartia, chairman and Hari S Bhartia, co chairman and managing director, Jubilant Life Sciences in a release said, “This approval is highly anticipated by the medical community and is expected to give further boost to the revenues and profitability of the company along with the robust existing product base.”