Suven secures product patents, stock up more than 2 per cent

A biopharmaceutical company engaged in the discovery, manufacture and marketing of pharmaceutical products announced grant of product patents in New Zealand and Sri Lanka which are valid through 2034 and 2031, respectively. The said patents are corresponding to the New Chemical Entity used in treating Neurodegenerative diseases related disorders.

The claims of patents comprise the class of selective 5-HT4 and H3 compounds which are being developed as therapeutic agents for the aforesaid disorders. These include treatment of cognitive impairment related to Alzheimer’s disease, Attention Deficient Hyperactivity (ADHD), Huntington’s disease, Parkinson and Schizophrenia and some sleep disorders like Narcolepsy.

With these grants, Suven would be able to fulfil the unmet medical requirement with a big market across the globe. During Q1FY19, the company had secured 15 product patents covering Australia, China, India, Israel, Mexico, New Zealand, Norway, Singapore, South Korea and the US.

The stock of Suven surged more than 2 per cent after bouncing back from 50 per cent retracement in the previous session of the upward rally from Rs. 258.10 to 337.70 per share. The stock had corrected on September 11 after hitting a 52-week high of Rs. 337.70 per share. Volumes are high but the stock has witnessed negative divergence between prices and oscillators and hence may consolidate or see some more downside before rallying up.