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This stock rose 11% today; here's why

This stock rose 11% today; here's why

This multi-center study (sites in the US and Europe) comprising about 387 patients is likely to be completed in about 36 months and the topline result expected by the end of year 2024

This stock rose 11% today; here's why This stock rose 11% today; here's why

Shares of Suven Life Sciences rose 11 per cent to hit an intraday high of Rs 87.80 on BSE after the company announced Phase 3 Clinical Trial of SUVN-502 (Masupirdine), a 5-HT6 antagonist for treatment of Agitation and aggression in Alzheimer’s type dementias.
 
Suven Life Sciences informed that its NCE SUVN-502 (Masupirdine), a potent, selective, brain penetrant and orally active, novel chemical entity has planned initiation of global Phase 3 clinical trial for the treatment of Agitation and aggression in Alzheimer’s type dementias with expected enrollment of patients from middle of September 2021.
 
This multi-center study (sites in the US and Europe) comprising about 387 patients is likely to be completed in about 36 months and the topline result expected by the end of year 2024.
 
The stock opened 6 per cent higher at Rs 84.15 against the previous close of Rs 79.35. With a market capitalisation of Rs 1,086.99 crore, the share stands higher than 5 day, 20 day and 200 day moving averages but lower than 50 day and 100 day moving averages. The smallcap stock has delivered 71 per cent return to its shareholders in the last 12 months.
 
“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.
 
"After an in-depth analysis of the data and intense dialogue with key opinion leaders, we have planned a new Clinical Trial for the treatment of Agitation and aggression in Alzheimer's type dementias," the company said.
 
"Prior to the initiation of Phase 2A study, SUVN-502 has successfully undergone two phase 1 studies in Switzerland and USA on 122 healthy young and elderly male populations with no major adverse events and no serious adverse events," it added.
 
Suven Life Science is a biopharmaceutical company focused on discovering, developing, and commercializing novel pharmaceutical products.
 

 

Published on: Aug 17, 2021, 10:53 AM IST
Posted by: Tanya Aneja, Aug 17, 2021, 10:51 AM IST