Suven Life Sciences, a Hyderabad based biopharmaceutical company, has failed to maintained it profit level during the first quarter ended June 2008 mainly due to higher cost of inputs, less value added products and mark to market currency fluctuation effects. Its net profit declined by 49.5 per cent to Rs 1.60 crore from Rs 3.15 crore in the corresponding period of last year. The company's net sales increased by 8.8 per cent to Rs 31.24 crore from Rs 28.71 crore. The earning per share impacted and moved down to Rs 0.14 from Rs 0.27 in the last period.
The company has commenced phase 1 clinical trial for one of its compounds for Alzheimer's disease, SUVEN-502, a potent, safe, highly selective, brain penetrant and orally active antagonist at a non-peripheral, CNS receptor site 5-HT6, intended for the symptomatic treatment of Alzheimer's disease and other disorders of memory and cognition like Attention deficient hyperactivity, Parkinson and schizophrenia.