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Shilpa Medicare hits new high after successful trial of liver fibrosis drug | Market News

2 minutes reading time Last updated: 26 August 2024 | 12:42 IS

Shares of Shilpa Medicare rose over 11 percent in intraday trade on Monday to hit an all-time high of Rs 778.20 after the company announced the successful completion of Phase 3 trials of its drug NorUDCA for non-alcoholic fatty liver disease (NADLD).



In a stock exchange announcement, the company stated: “Shilpa Medicare has successfully completed Phase 3 clinical trials of its new product SMLNUD07 – Nor-Ursodeoxycholic Acid Tablets (NorUDCA) – which is expected to revolutionize the treatment of patients with non-alcoholic fatty liver disease (NAFLD).”



At around noon, shares of Shilpa Medicare were trading at Rs 733.15 on the BSE, up nearly Rs 36 or 5.15 percent. In contrast, the 30-share BSE Sensex was trading at 81,714, up 0.77 percent.



The company's stock had hit a new all-time high of Rs 778.20 at the start of the trading session, while its 52-week low was Rs 296.45.



Shilpa Medicare conducted a multicenter, double-blind, placebo-controlled study on a total of 165 patients with non-alcoholic fatty liver disease (NAFLD) across India.



Shilpa Medicare announced that no serious side effects were reported during the Phase 3 trial and treatment was well tolerated at a dose of 1,500 mg per day for 24 weeks.



The company said the drug resulted in a reduction of at least one stage of liver fibrosis in patients participating in the study. In addition, there was a significant reduction in the accumulation of fat in the patients' livers.



Following the positive results of the trials, the company stated that it “plans to submit the results of these Phase 3 clinical trials to the CDSCO in India at the earliest to seek marketing approval in India.”



The company says NorUDCA is likely to be the first treatment option of its kind for NAFLD in India as it offers significant advantages over UDCA, such as enhanced choleretic effect, amidation resistance, anti-inflammatory properties and reduction in fibrosis.



Moreover, the company has gained nearly 233 percent in the last three months, compared to a gain of 8.35 percent in the BSE Sensex.



Year to date, the company's shares have gained 412.50 percent, while the BSE Sensex has gained 13.06 percent.

First published: 26 August 2024 | 12:30 IS

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