Venus Remedies up over 6%

Venus Remedies is doing very well today morning, currently up over 6.5% at Rs.292 and this is after scaling an intra day high at Rs.299. Its 52-week high stands at Rs.358.05. Volumes are pretty robust at 53,000 shares traded today morning compared to around 13,000 shares over past two weeks average.

The stock is up today after it announced having received patent from Mexico for its antibiotic, Potentox, an antibiotic to treat pneumonia. This patent provides an exclusivity period for the antibiotic up to 2025. The drug is also protected by patents from various other countries, including USA, India, Australia, New Zealand, South Korea, South Africa, Canada and Ukraine. The company is looking at strategic tie-up with some big pharma companies there but it will take the company 2-3 years to launch the product in the market.