Venus Remedies rises on receiving patent for Potentox in New Zealand
Venus Remedies has entered into the Australasia region by receiving a patent from Commissioner of Patents, Trademarks and Design, Intellectual Property office of New Zealand for its antibiotic Potentox, a fixed dose combination of cefepime and amikacin.
The scrip is currently trading at Rs. 270.00, up by 5.90 points or 2.23% from its previous closing of Rs. 264.10 on the BSE. The stock opened at Rs. 268.00 and has touched a high and low of Rs. 270.00 and Rs. 265.00, respectively. So far 10,509 shares were traded on the counter.
The BSE group ‘B’ stock of face value Rs. 10 has touched a 52 week high of Rs. 312.00 on 01-Sep-2009 and a 52 week low of Rs. 191.10 on 03-Nov-2009. Last one week high and low of the scrip stood at Rs. 270.00 and Rs. 262.00, respectively. The current market cap of the company is Rs. 229.28 crore.
The promoters holding in the company stood at 25.68% while Institutions and Non-Institutions held 17.97% and 56.35%, respectively.
This unique combination of a cephalosporin with aminoglycoside is a super specialty product indicated for the treatment of hospital acquired pneumonia, community acquired pneumonia and Febrile Neutropenia. New Zealand is the fourth country from where Venus Remedies has got patent for Potentox, after South Korea, India and South Africa.
The said patent will give Venus Remedies exclusive marketing rights in New Zealand. Post registration in New Zealand market, it expects to generate handsome revenues from this product which will add to growth in top line and bottom line of the company.
Venus Remedies is a research and development driven, pharmaceutical manufacturing company.
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