HYDERABAD, INDIA (Oct 27, 2010) – SUVEN LIFE Sciences Limited, a biopharmaceutical company specializing in drug discovery and developmental activities in Central Nervous System disorders, today announced its unaudited financial results for the quarter ended Sept’ 2010. The unaudited financial results were reviewed by the audit committee and approved by the Board of Directors in their meeting held on Oct 27, 2010 at Hyderabad.
Financial Highlights for the half year ended Sept’ 2010:
Growth in revenue 15.02% (Rs 742 mil vs. Rs 645 mil)
Growth in PAT 22.94% (Rs 57.7 mil vs. Rs 47 mil)
Growth in EBIDTA -8.48% (Rs 78.2 mil vs. Rs 85.5 mil)
Increase in R&D costs 10.77% (Rs.156.7 mil vs. Rs.141.5 mil)
During the quarter the company recorded revenue of Rs. 378.6 mil as compared to Rs. 331.9 mil for the previous period and recorded a profit after tax of Rs. 23.3 mil as compared to Rs. 25.1 mil for the previous period.
Suven’s major thrust on innovative R&D in Drug Discovery continues with a spending of Rs 79.9 mil (21% on revenue) for the quarter ended Sept’ 2010 which lead to increase in R&D costs by 9%.
During the quarter Suven bags Pharmexcil’s Gold “Patent Award”, 2 product patents from USA and 1 product patent each from Australia and Mexico.
Suven Life Science is a biopharmaceutical company focused on discovering, developing and commercializing novel pharmaceutical products, which are first in class or best in class therapies through the use of GPCR targets. The Company has twelve (12) internally-discovered therapeutic drug candidates currently in pre-clinical stage of development targeting conditions such as ADHD, Dementia, Depression, Huntington’s disease, Parkinson’s disease and obesity in addition to developmental candidate SUVN-502 for Alzheimer’s disease and Schizophrenia.
For more information on Suven please visit our Web site at http://www.suven.com
