The smallcap pharma company announced a phase 3 clinical trial of SUVN-502 (Masupirdine), a 5-HT6 antagonist for treatment of agitation and aggression in Alzheimer.
Shares of Suven Life Sciences rallied 11 per cent to Rs 87.80 on Tuesday, only to trade at Rs 85.85 at 9.50 am. BSE Sensex was trading 54.56 points, or 0.1 per cent, at 55,528.02 at the same time. The scrip settled at Rs 79.35 on Monday.
Suven Life Sciences informed exchanges that NCE SUVN-502 (Masupirdine), a potent, selective, brain penetrant and orally active, novel chemical entity, which can be used for the treatment of agitation and aggression in Alzheimer’s type dementias with expected enrollment of patients from middle of September 2021.
“Progression of SUVN-502 (Masupirdine) into Phase 3 clinical development is a significant achievement and milestone in enhancing our clinical pipeline. Our lead molecules address niche areas of cognitive impairment associated with neurodegenerative disorders”, said Venkat Jasti, CEO of Suven Life Sciences in a media release.
SUVN-502 (Masupirdine), a lead clinical candidate having undergone phase 2 study on 564 patients formoderate Alzheimer’s disease without meeting primary endpoint.
The pharma player had reported a net loss of Rs 8.5 crore in the June 2021 quarter as compared to a net loss of Rs 4.08 crore in the year ago quarter. It reported a net loss of Rs 8.51 crore in March 2021 quarter.
The revenue from operations jumped to Rs 2.01 crore in the June 2021 quarter, as against a revenue of Rs 1.43 crore in the June 2021 quarter. It clocked a revenue of Rs 1.56 crore in March 2021 quarter.
Shares of Suven Life have soared about 25 per cent in the last one month. In the last one year, the company has delivered over 65 per cent return.
