HYDERABAD, INDIA (Jan 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 Dec’ 2009. The unaudited financial results were reviewed by the audit committee and approved by the Board of Directors in their meeting held on Jan 27, 2010 at Hyderabad.
Financial Highlights for the quarter ended Dec’ 2009:
Growth in revenue -17.05% (Rs 289.17 mil vs. Rs 348.59 mil)
Growth in PAT 161.77% (Rs 7.20 mil vs Rs 2.75 mil)
Growth in EBIDTA 17.92% (Rs 19.39 mil vs Rs 16.44 mil)
Growth in R&D costs 22.55% (Rs. 98.83 mil vs Rs. 80.63 mil)
The revenues for the 9 months period ended Dec’ 2009 stood at Rs.934.02 mil compared to Rs.1056.64 mil for the corresponding previous period. PAT for the period stood at Rs. 54.20 mil compared to Rs. 67.08 mil for the corresponding previous period. The reduction in the revenue for this quarter and for the 9 months period mainly relates to postponement of the CRAMS projects by many of the multinational companies who are scaling back their outsourcing requirements due to the recession last year.
Suven’s major thrust on innovative R&D in Drug Discovery continues with a total spending of Rs 267.17 mil for the 9 months period ended Dec’ 2009 which lead to growth in R&D costs by 24%.
During the quarter there were major qualitative achievements in granting 18 product patents in Suven’s drug discovery pipeline which consists of 13 molecules on 6 targets in CNS arena which are at various stages of discovery and development.
The product patents granted in all the key market countries like Australia (2003237599), Canada (CA 2490002 and CA 2490115), China (100378108 and 100378109), Eurasia (011320), Europe (EP1537113, EP1581492, EP1704154 and EP1856132), India (218438), Korea (10-2005-7009512), Mexico (257091), New Zealand (540840), Russia (2325392 and 2340619), Singapore (113104) and South Africa (2005/4043) and these Patents are valid until 2022- 24.
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;
