HYDERABAD, INDIA (Apr’ 30, 2010) – SUVEN LIFE Sciences Limited, a biopharmaceutical company specializing in drug discovery and developmental activities in Central Nervous System disorders, today announced its audited financial results for the quarter ended as well as year ended Mar’ 2010. The audited financial results were reviewed by the audit committee and approved by the Board of Directors in their meeting held on Apr 30, 2010 at Hyderabad.
Financial Highlights for the quarter ended Mar’ 2010:
Growth in revenue -8.15% (Rs 364 mil vs. Rs 396 mil)
Growth in PAT 352.36% (Rs 15.80 mil vs. Rs 3.5 mil)
Growth in EBIDTA 46.23% (Rs 25.6 mil vs. Rs 17.5 mil)
Growth in R&D costs 4.38% (Rs. 103.1 mil vs. Rs. 98.8 mil)
The revenues for the year ended Mar’ 2010 stood at Rs.1298 mil compared to Rs.1453 mil for the corresponding previous year. PAT for the year stood at Rs. 70 mil compared to Rs. 71.2 mil for the corresponding previous year. The reduction in the revenue for this quarter and for the whole year relates to postponement of projects by the sponsors because of the global meltdown during 2009. Growth in PAT during this quarter is mainly due to high value CRAMS projects.
Suven’s major thrust on innovative R&D in Drug Discovery continues with a total spending of Rs 341.6 mil (26% on revenue) for the year ended Mar’ 2010 which lead to growth in R&D costs by 16%.
During the quarter there were major qualitative achievements in granting a product patent from USA (US 7,649,097) and a product patent (EP 1919896) from European Union for Suven’s drug discovery pipeline which consists of 12 molecules on 6 targets in CNS arena which are at various stages of preclinical and clinical development and these Patents are valid until 2025 in addition to the clinical candidate SUVN-502 for Alzheimer’s and Schizophrenia.
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;
