Financial Highlights for the quarter ended Mar’ 2010: Growth in revenue 16.05% (Rs 363 mil vs. Rs 313 mil) Growth in PAT 57.76% (Rs 34.5 mil vs. Rs 21.8 mil) Growth in EBIDTA 2.25% (Rs 45.6 mil vs. Rs 44.5 mil) Increase in R&D costs 13.16% (Rs.76.8 mil vs. Rs.67.9 mil)
Suven’s major thrust on innovative R&D in Drug Discovery continues with a spending of Rs 76.8 mil (22% on revenue) for the quarter ended June 2010 which lead to increase in R&D costs by 13%.
During the quarter there were major qualitative achievements in securing 10 product patents from various countries like Australia, Canada, Eurasia, India, Japan and New zeeland.
The following are the updates of the Annual General Meeting held on July 27, 2010:
• Approved for the payment of dividend of Rs 0.25 (25%) per equity share of Rs 1 each.
• Approved and authorized the Board to raise funds not exceeding US$ 50 million through issue of ADR/GDR/FCCB or other securities through international or domestic offerings.
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
