Suven Life Sciences, a biopharmaceutical company, witnessed a sharp rise in share price on Wednesday after the company received grant of product patents from Canada and China for for the treatment of disorders associated with neurodegenerative diseases.
The company said, "Received the grant of two product patents from Canada and one product patent from China corresponding to the New Chemical Entities (NCEs) for the treatment of disorders associated with neurodegenerative diseases and these patents are valid through 2029 and 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)," the company added
Venkat Jasti, CEO of Suven 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 Major Depressive Disorder (MDD) with high unmet medical need with huge market potential globally."
Shares of Suven Life Sciences are trading at Rs 241.20, up Rs 9.3, or 4.01% at the Bombay Stock Exchange (BSE) on Wednesday at 11:22 a.m.
The scrip has touched an intra-day high of Rs 245.00 and low of Rs 233.30. The total volume of shares traded at the BSE is 278,885.