Claris Lifescience on a roll

Claris Lifesciences is on a roll today. The stock opened at Rs.230, up from previous close of Rs.217, going up over 13% to an intra day high at Rs.246.05. Volumes have jumped up over 3 times.

The stock is up after the company announced that it has received the Abbreviated New Drug Application (ANDA) approval for Tobramycin Injection USP, 80mg/2mL and 1,200mg/30mL multiple dose vials, in the US.

The company stated that this injection is used as an anti-infective to treat certain serious infections that are caused by bacteria such as meningitis and other infections of the blood, abdomen (stomach area), lungs, skin, bones, joints, and urinary tract.

The estimated market size in the US is $6 million, as the product is currently in shortage list of the US dug regulator, US Food and Drug Administration (USFDA).