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10 July, 2020 18:29 IST
Caplin Point Labs share price zooms 20% as arm gets nod for cardiac treatment drug
Source: IRIS | 26 Mar, 2020, 01.44PM
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Share price of Caplin Point Laboratories jumped more than 13 percent intraday on March 26 after the company got United States Food and Drug Administration (USFDA) approval for Verapamil Hydrochloride injection USP.

Caplin Steriles, a wholly owned subsidiary company of Caplin Point Laboratories Limited, (Q,N,C,F)* has been granted final approval from the United States Food and Drug Administration (USFDA) for its abbreviated new drug application (ANDA) Verapamil Hydrochloride injection USP, 5 mg/2 mL (2.5 mg/mL) and 10 mg/4 mL (2.5 mg/mL) Single-dose vial, a generic therapeutic equivalent version of (RLD), Isoptini injection, 2.5 mg/mL, of Mt. Adams Technologies LLC.

According to IQVIATM (IMS Health), Verapamil Hydrochloride injection USP had US sales data of approximately USD 28 million for the 12-month period ending Dec 2019. Verapamil Hydrochloride is a calcium channel blocker used in the treatment of cardiac conditions such as high blood pressure, arrhythmias and angina.

C.C.Paarthipan, Chairman of Caplin Point Laboratories Limited commented ''We are pleased to receive another approval under Caplin Steriles name and we would be launching this product in the US soon. We're also expecting a couple more approvals shortly, which should enhance our revenue traction in the US.''

The company is also working on a portfolio of 35 simple and complex injectable and ophthalmic products, to be filed over the next 4 years.

Shares of Caplin Point Laboratories  are trading at Rs 244.60, up Rs 40.75, or 19.99%  at the Bombay Stock Exchange (BSE) on Thursday at 12:30 p.m.

The scrip has touched an intra-day high of Rs 244.60 and low of Rs 206.15. The total volume of shares traded at the BSE is 18,242.

In the earlier session, the shares gained 5.21%, or Rs 10.1, at Rs 203.85.

Currently, the stock is trading down  47.51% from its 52-week high of Rs 466.00  and above 35.89% over the 52-week low of Rs 180.00.

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