Shares of Suven Life Sciences gained as much as 6 per cent in the intraday trade on Tuesday after the company informed BSE that it has been granted patent by Australia, China, Europe, South Korea and the US for a drug used in the treatment of neuro-degenerative diseases.
At 12.35 pm, Suven Life Sciences shares were trading 4.45 per cent up at Rs 291.30. The scrip opened at Rs 280.70 and had touched a high and low of Rs 295.90 and Rs 278.90, respectively, in trade so far. Sensex was down 0.16 per cent at 26,861.20.
The patents are valid until 2031, 2030, 2031, 2030 and 2031, respectively, Suven Life Sciences said in a BSE filing. Suven Life CEO Venkat Jasti said: “We are very pleased by the grant of these patents to Suven for our pipeline of molecules in CNS arena that are being developed for cognitive disorders with high unmet medical need with huge market potential globally.”
With these new patents, Suven has a total of 22 granted patents from Australia, 19 from China, 17 from Europe, 17 from South Korea and 23 from the US.
For the quarter ended June 2015, the company posted net profit of Rs 20.23 crore, down 41.76 per cent, against Rs 34.74 crore in the corresponding quarter a year ago.
In the past one year, the share price of Suven Life Sciences jumped 46.48 per cent to Rs 278.90 on October 12. Sensex gained 1.97 per cent during the same period.
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.