Suven Life Sciences has suffer minor setback during the first quarter ended June 2011 and its net profit declined by 2.6 per cent to Rs.3.36 crore from Rs.3.45 crore in the corresponding period of last year despite strong sales growth of 23.7 per cent to Rs.44.63 crore from Rs.35.93 crore. Its EBDITA increased by 18.2 per cent to Rs.5.38 crore from Rs.4.55 crore.
Specialized in drug discovery and developmental activities, especially in the central nervous system disorders, its R&D expenditure declined to Rs.7.48 crore from Rs.7.68 crore. This worked out to 16.8 per cent to net sales. Its sales from CRAMS activities increased sharply to Rs.43.16 crore from Rs.30.84 crore. However, its sales from DDDSS declined to Rs.1.58 core from Rs.5.33 crore in the similar period of last year. .
With the grant of 13 product patents to Seven’s drug discovery pipeline, the company had gained major qualitative achievements during the quarter, which consists of 13 molecules out of which twelve molecules are currently in pre-clinical stage of development. These molecules are basically aimed at targeting conditions such as ADHD, dementia, depression, Huntington’s disease, Parkinson’s disease and obesity in addition to developmental candidates SUVN-502 for Alzheimer’s disease and schizophrenia.
Suzen’s Alzheimer drug candidate SUVN-502 successfully completed all chronic toxicological (tox) studies and demonstrated very high margin of safety (MoS), which was a major breakthrough during the fourth quarter.