Everest Organics hit an upper circuit of 20% at Rs 399.50 after the company announced the successful development of an anti-fungal API (active pharmaceutical ingredient) "Posaconazole" meant to treat black fungus patients.
The anti-fungal API has been developed at the lab scale in the existing R&D facility of Everest Organics.
Posaconazole is a triazole antifungal agent indicated for treating mucormycosis patients popularly known as Black Fungus in post-COVID complications.
Dr. Srikakarlapudi Sirisha, director, commenting on this recent development stated: "The Everest Organics has successfully developed the API Posaconazole using its own in-house R&D strength at lab scale in short span of time. Further, we are in advance stage of commercializing the same.
Everest has successfully in near past launched and commercialized 'Oseltamivir' and 'Remdesivir' both being used for COVID-19. Now we are more confident and are poised for development of more niche products in the quickest span of time because of our R&D strength."
Everest Organics manufactures APIs and bulk drugs. The company's USFDA approved API facility in Hyderabad manufactures and exports various APls products to more than 40 countries as well as caters to local demand in market in India.
The company's standalone net profit surged 124.31% to Rs 4.06 crore in Q3 FY21 from Rs 1.81 crore in Q3 FY20. Net sales during the quarter rose 21.95% YoY to Rs 48.40 crore.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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