Sun Pharma Advanced Research Company (SPARC) share price fell nearly 9 percent intraday on May 14. The company today reported positive top-line results from its phase 3 trial (CLR_16_33) for its investigational drug, PDP-716 ophthalmic suspension, for the treatment of Open-Angle Glaucoma or Ocular Hypertension.
The trial met its pre-specified primary endpoint, demonstrating that PDP-716 dosed once daily is equivalent to Alphagan P 0.1% dosed 3 times a day.
“We are very pleased by these results for PDP-716. Once daily dosing of PDP-716 can significantly reduce the dosing frequency compared to the currently marketed formulation and can have a positive impact on quality of life for patients with Glaucoma,” said Anil Raghavan, CEO of SPARC.
The company board at its meeting held on May 12 approved the issue upto 6,74,70,203 warrants each convertible into, or exchangeable for, one equity share within the period of 18 months at a price of Rs 178 each aggregating upto Rs 12,00,96,96,134 to Dilip Shantilal Shanghvi, Promoter of the Company and to certain other non-promoter group persons by way of preferential issue.
At 12:11 hrs, Sun Pharma Advanced Research Company was quoting at Rs 223.15, down Rs 16.40, or 6.85 percent on the BSE.
The share touched a 52-week high of Rs 248 and a 52-week low of Rs 122.75 on 12 May, 2021 and 18 May, 2020, respectively.
Currently, it is trading 9.72 percent below its 52-week high and 82.4 percent above its 52-week low.
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