Suven Life Sciences Q1 net profit up by 137%

AHMEDABAD: Suven Life Sciences Ltd net profit rise by 137% for the first quarter ended 30 June 2012. Company will go ahead with amalgamation of Suven Nishtaa Pharma Pvt Ltd with Suven Life Sciences after receiving high court sanction.

ON Thursday, Company said its net profit stood at Rs 80 lakh for the Q1 compared to Rs 34 lakh for the same period of previous year. The revenue grew by 58% as it stood at Rs 7.11 crore compared to Rs 4.48 crore for the corresponding period of last year.

As per company press statement, company has also received sanction from High Court of Andhra Pradesh for the scheme of amalgamation of Suven Nishtaa Pharma Pvt Ltd with Suven Life Sciences Ltd and order of High Court has been filed by the company with Registrar of Companies, at Hyderabad.

During the quarter it received grant for eight product patents to Suven's drug discovery pipeline which consists of 13 molecules out of which twelve molecules currently is in pre-clinical stage of development in addition to developmental candidate SUVN-502 for Alzheimer's disease and Schizophrenia.

Suven Life Sciences is a biopharmaceutical company specialising in drug discovery and developmental activities in Central Nervous System disorders.