Suven Life Sciences, a Hyderabad-based biopharmaceutical company specializing in Central Nervous System diseases, has achieved satisfactory growth in net profit during the first quarter ended June 2009 and is net profit went up by 36.3 per cent to Rs 2.18 crore from Rs 1.60 crore in the corresponding period of last year. Its net sales, however, improved marginally by 0.6 per cent to Rs 31.02 crore from Rs 30.83 crore.
Its revenues from CRAMS declined by 19.8 per cent to Rs 22.33 crore from Rs 27.84 crore and that from services (DDDSS) increased by 164 per cent to Rs 8.95 crore from Rs 3.40 crore in the corresponding period of last year.
Suven's R&d expenditure improved by 29.3 per cent to Rs 6.79 crore from Rs 5.25 crore in the similar period of last year.
Suven has presented phase- I clinical data of SUVN-502, its drug candidate at the 2009 International conference on Alzheimer's Disease (ICAD-2009) in Vienna, Austria during July. The phase-1 clinical data attracted a lot of scientific and commercial interest from global Pharma companies and SUVN-502 has great potential to become a novel treatment for disorders affecting memory and cognition in Alzheimer's, Schizophrenia and other dementia. The necessary additional tox studies are already in progress to start the phase-II proof-of-concept (POC) study during 2010. The company targets commercial launching of SUVN-502 either in the later part of 2013 or early part of 2014.