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Venus Remedies moves north after bagging patent rights in South Africa

Capital Market / 12:44 , Nov 12, 2009

Venus Remedies surged 3.47% to Rs 223.90 at 12:43 IST on BSE, after the company received patent rights for Potentox from Companies and Intellectual Property Registration Office in South Africa.

The company made this announcement before trading hours today, 12 November 2009.

Meanwhile, the BSE Sensex was up 6.17 points, or 0.04%, to 16,855.77.

On BSE, 12,267 shares were traded in the counter as against an average daily volume of 13,290 shares in the past one quarter.

The stock hit a high of Rs 234.70 and a low of Rs 212.10 so far during the day. The stock had hit a 52-week high of Rs 312 on 1 September 2009 and a 52-week low of Rs 143 on 17 November 2008.

The small-cap stock had underperformed the market over the past one month till 11 November 2009, falling 5.48% as compared to the Sensex's return of 1.24%. It had also underperformed the market in the past one quarter, declining 15.73% as compared to the Sensex's return of 11.77%.

The company's equity capital is Rs 8.47 crore. Face value per share is Rs 10.

The current price of Rs 223.90 discounts the company's Q2 September 2009 annualized EPS of Rs 51.95, by a PE multiple of 4.31.

Potentox is a unique super specially product with combination of Cephalosporin with Aminogycoside indicated for the treatment of pneumonia and neutropenia.

In late September 2009, Venus Remedies out-licensed Sulbactomax, a research product of the company, to a South Korean firm. As per the agreement, the product will be supplied from Venus Remedies' Baddi unit, which is accredited with multiple international good manufacturing practice (GMP). Commercial supplies are expected to begin by early 2011. This is the first successful out licensing made by Venus. Sulbactomax, the innovative product developed to overcome the challenge of antibiotic resistance.

In early September 2009, Venus received permission for manufacturing and marketing its research product Mesatic from Drugs Controller General of India (DCGI) after conducting a triple arm Phase III comparative clinical trial study of the drug against ofloxacin and metronidazole therapies.

Venus Remedies' net profit declined 5% to Rs 11 crore on 7% rise in net sales to Rs 74.86 crore in Q2 September 2009 over Q2 September 2008.

The company is engaged in manufacture and trading in medicines. Its products include parenterals like cephalosporins, carbapenems and oncology drugs in lyophilized form, infusions and small volume parenterals. The manufacturing plants are located in India and Germany. It exports pharmaceutical products to North America and European Union countries.

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