Suven Life Sciences Ltd’s Revenue Up By 21%, Spends 24% Of Revenue On R&D
Financial Highlights for the Third qtr ended Dec 2008:
Growth in revenue 20.74% (Rs 350 mil vs. Rs 290 mil)
Growth in PAT -86.33% (Rs 2.75 mil vs. Rs 20.1 mil)
Growth in EBIDTA -62.07% (Rs 16.4 mil vs. Rs 43.36 mil)
The revenues for the 9 months period ended Dec 2008 stood at Rs.1064.2 mil compared to Rs. 878.77 mil for the corresponding previous period, registering a growth of 21.1%. PAT for the 9 months period stood at Rs. 67.1 mil compared to Rs. 63.2 mil for the corresponding previous period, a raise of 6.21%.
Suven’s major thrust on innovative R&D in Drug Discovery continues with a total spending of Rs 259 mil for this 9 months period constituting 24% of revenue with a revenue expenditure of Rs 195.5 mil recording about 18% of revenue for the 9 months period.
Suven’s clinical candidate SVN-502 targeted for cognition in Alzheimer’s and Schizophrenia is undergoing Phase 1 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 commercialization. Suven’s other molecules, SUVN-504 (obesity) and SUVN-507 (cognition in Alzheimer and schizophrenia) are in the advanced stage of pre-clinical studies and the same is expected to reach IND stage in fiscal year 2009-10.
Suven Life Sciences is a Hyderabad based Biopharmaceutical Company; a Collaborative Research Partner (CRP) since 2006 in Drug Discovery for global pharma major, is a pioneer in Contract Research and Manufacturing Services (CRAMS) since 1995 and Drug Discovery Development Support Services (DDDSS) since 2005. Suven has been involved in development of path breaking technologies for global pharma companies for more than a decade.
Suven has R&D strength of more than 300 professionals with the state of the art infrastructure for Drug Discovery and development and Clinical Research activities and the front end project management services from New Jersey, USA. For more information on Suven/ACT, please visit our Web site at http://www.suven.com.
Risk Statement:
Except for historical information, all of the statements, expectations and assumptions, including expectations and assumptions, contained in this news release may be forward-looking statements that involve a number of risks and uncertainties. Although Suven attempts to be accurate in making these forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based. Other important factors which could cause results to differ materially including outsourcing trends, economic conditions, dependence on collaborative partnership programs, retention of key personnel, technological advances and continued success in growth of sales that may make our products/services offerings less competitive.