Venus Remedies hit the 20% UC today within minutes of opening for trade at Rs.48. Its 52-week high is at Rs.125.90 and low at Rs.33.
The company, which is mainly a research based pharma company, announced positive Top-Line results in the Phase-3 Clinical Trials for its flagship product ELORES. The results were presented at lDWeek 2018 in San Frangisco. lDWeek is an annual scientific meeting of the Infectious Diseases Society of America (IDSA).
Elores is a novel, patented critical care antibiotic combination targeting unmet medical needs in Antimicrobial Resistance (AMR) space. The global demand for antibiotics has grown significantly over the past two decades. The global antibiotics market was valued at about US$ 40.86 billion in 2017, which is estimated to register a CAGR of 4.7% over the period, 2O18 to 2023.
After successful representation at lD Week, October 2018 at San Francisco, Elores was launched in three important Latin American markets i.e. Colombia, Dominicarq Republic, Guatemala and is scheduled to be launched in Saudi Arabia on the 23rd of this month.
These international launches are expected to bring in significant revenue over the next 3-5 years and help the company in strengthening its position in the Middle-Eastern and Latin American markets.
Elores is now available in 7 countries, with scheduled launches in another 4 territories over the next year.
Meanwhile the company on 14th announced a 16% (YoY) drop in net profit at Rs.0.80 crore while net sales was also down 11% at Rs.81 crore.