Shilpa Medicare is showing some action today. The stock, which had closed at Rs.583.45, opened slightly higher at Rs.586.30 and went on to hit an intraday high at Rs.615.30. Its 52-week high is at Rs.670.95.
The stock is up after the company said that it has been permitted to conduct a Phase I human clinical study on its flagship novel product – recombinant Human Albumin (NavAlbumin), by the Central Drugs Standard Control Organisation (CDSCO).
The product, is a synthetically developed product as compared to the current process of drawing the same from blood plasma and is backed by granted global patent. It is designated a “New Biological Entity” and is amongst the first indigenously developed novel molecules entering clinical studies - a significant milestone for the company and potentially large impact for the nation. The company continues to strengthen its patent protection around the product to ring fence it from any potential competition.
The market for plasma Albumin as a drug is estimated at US$5.5billion globally and growing at an average of 6% per annum.