HYDERABAD, INDIA (Jul’ 28, 2009) – SUVEN LIFE Sciences Limited is a biopharmaceutical company specializing in Central Nervous System diseases, today announced its unaudited financial results for the quarter ended June 2009. The unaudited financial results were reviewed by the audit committee and approved by the Board of Directors in their meeting held on Jul 28, 2009 at Hyderabad.
Financial Highlights for the quarter ended Jun 2009:
Growth in revenue -1.90% (Rs 312 mil vs. Rs 318 mil)
Growth in PAT 36.59% (Rs 21.8 mil vs. Rs 15.9 mil)
Growth in EBIDTA 16.35% (Rs 44.5 mil vs. Rs 38.3 mil)
The revenues for the quarter ended June 2009 stood at Rs.312.8 mil compared to Rs.318.9 mil for the corresponding previous period, leading to a negative growth of 1.90% for the quarter. However PAT for the quarter stood at Rs. 21.8 mil compared to Rs. 15.9 mil for the corresponding previous period.
Suven’s major thrust on innovative R&D in Drug Discovery continues with a total spending of Rs 73.91 mil for the quarter ended June 2009 constituting 23.62% of revenue with a revenue R&D expenditure of Rs 67.89 mil recording about 21.7% of revenue for the quarter.
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.
For more information on Suven 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;
