Suven Life Sciences Ltd posts 2.46 pc increase in Q1 net profit

MUMBAI: Suven Life Sciences Ltd, a bio-pharmaceutical company specialising in drug discovery and developmental activities in central nervous system disorders, has posted a marginal 2.46 per cent rise in Q1 net profit to Rs 3.36 crore over Rs 3.44 crore in the year-ago period.

The company's revenue grew by 23.48 per cent to Rs 44.8 crore in the June quarter as against Rs 36.3 crore in the same period last year, a company statement said here.

Suven's major thrust on innovative R&D in drug discovery continued with a spending of Rs 7.48 crore (16.68 per cent on revenue) for the quarter.

During the quarter, the company was granted 13 patents for 13 molecules out of which 12 molecules are currently in pre-clinical stage of development targeting conditions such as Dementia, Depression, Huntington's disease, Parkinson's disease and obesity in addition to developmental candidate SUVN-502 for Alzheimer's disease and Schizophrenia, the press note added.