Suven Life Sciences, a biopharmaceutical company specializing in central nervous system diseases, has failed to improve its bottom line during the third quarter ended December 2008. The company's net profit declined sharply by 86.7 per cent to Rs 0.28 crore from Rs 2.01 crore in the corresponding period of last year. However, its net sales improved by 22.6 per cent to Rs 34.83 crore from Rs 28.40 crore.
Its revenues for the nine months ended December 2008 went up by 21.1 per cent to Rs 106.42 crore from Rs 87.88 crore in the similar period of last year. The net profit was marginally up by 6.2 per cent to Rs 6.71 crore from Rs 6.32 crore. During the period, its R&D expenditure increased to s 25.90 crore constituting 24 per cent of revenue with revenue expenditure of Rs 19.55 crore.
Its clinical candidate SUVN-502 targeted for cognition of Alzheimer's and Schizophrenia is undergoing phase I clinical development and the results are expected by February 2009. SUVN-502 has attracted many big pharma from USA, Europe and Japan who would like to partner with Suven for development and commercialisation. Suven's other molecules, SUVN-504 (obesity) and SUVN-507 are in the advanced sage of pre-clinical studies and the same is expected to reach IND stage in fiscal year 2009-10.