Medical equipment maker Opto Circuits today said it has received approval from India's health regulator for a medical device for heart patients, following which it has launched the product in the market.
Opto Eurocor Healthcare, a subsidiary of Opto Circuits (India), launched Sirolimus Drug Eluting Stent (DES), E-Magic Plus on receipt of Drug Controller General of India (DCGI) licence to sell and market the product in India, Opto Circuits said in a statement.
A stent is a wire metal mesh tube that is used to open a blocked artery during an angioplasty.
"E-Magic Plus has been developed indigenously in India and with the DCGI mark we can market and sell in India. The DCGI approval will also enable E-Magic Plus to be marketed in parts of Far East and parts of Middle East," Opto Circuits (India) Ltd Chairman & Managing Director Vinod Ramnani said.
Sirolimus DES market is estimated to be worth Rs 800 crore in India, he added.
The DES market has two major drug categories: Sirolimus and Paclitaxel. In India, Sirolimus-based angioplasty devices have a more than 90% market share, the company said. "Opto Eurocor Healthcare Ltd will launch E-Magic Plus in the European and Latin-American market after receiving the
Shares of Opto Circuits today closed at Rs 129.60 on the BSE, down 0.96% from previous closing.
Opto Circuits stock price
On November 27, 2015, Opto Circuits India closed at Rs 12.98, down Rs 0.76, or 5.53 percent. The 52-week high of the share was Rs 27.05 and the 52-week low was Rs 11.08.
The latest book value of the company is Rs 53.43 per share. At current value, the price-to-book value of the company was 0.24.
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