Strides Pharma Science rose 1.53% to Rs 470.40 at 09:45 IST on BSE after the company's subsidiary received approval for Lidocaine Ointment USP 5% from the USFDA.
The announcement was made after market hours yesterday, 12 December 2018.On the BSE, 32,000 shares were traded in the counter so far compared with average daily volumes of 1.49 lakh shares in the past two weeks. The stock had hit a high of Rs 478 and a low of Rs 466.30 so far during the day. The stock hit a 52-week high of Rs 875.72 on 27 December 2017. The stock hit a 52-week low of Rs 334.10 on 8 June 2018.
Strides Pharma Science (Strides) announced that its step-down wholly owned subsidiary, Strides Pharma Global Pte., Singapore, has received approval for Lidocaine Ointment USP 5% from the United States Food & Drug Administration (USFDA). Lidocaine Ointment is a generic version of Xylocaine Ointment of AstraZeneca Pharmaceuticals LP.
Lidocaine Ointment contains a local anesthetic agent which is administered topically to numb and relieve pain from minor burns, skin abrasions, and other painful conditions affecting mucous membranes. Lidocaine Ointment is also used to numb the skin before certain medical procedures.
According to IQVIA MAT data, the US market for Lidocaine Ointment USP 5% is approximately US$50 million. The product will be marketed by Strides Pharma Inc. in the US Market and will be launched immediately. The company has 80 cumulative ANDA filings with USFDA of which 54 ANDAs have been approved as of date and 26 are pending approval.
On a consolidated basis, Strides Pharma Science reported net loss of Rs 8.70 crore in Q2 September 2018 as against net profit of Rs 11.73 crore in Q2 September 2017. Net sales declined 4.69% to Rs 732.63 crore in Q2 September 2018 over Q2 September 2017.
Strides Pharma Science is global pharmaceutical company headquartered in Bangalore.
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