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Godavari Biorefineries stock jumps 5% on Chinese patent for cancer drug
At 01:35 PM, shares of Godavari Biorefineries were trading at the day's highest level on the National Stock Exchange. In comparison, NSE Nifty was trading largely flat at 25,082.45, down by 8 points. The total market capitalisation of the company stood at ₹1,675.66 crore. So far this calendar year, the shares of the company have remained flat, albeit in the red territory, down by just over 1 per cent.
Why were Godavari Biorefineries' shares buzzing in trade?
The buying on the counter came after the company announced in a latest exchange filing that its clinical-stage biotech division, Sathgen Therapeutics, was granted a patent by the China National Intellectual Property Administration (CNIPA) for its novel anticancer molecule.
The patent covers a novel class of compounds that have shown strong inhibitory effects on cancer and cancer stem cells in vitro studies. These compounds have demonstrated significant efficacy against multiple cancer cell types, including breast and prostate cancer, as per the exchange filing.
"Our focus on original, high-quality science continues to guide our journey beyond green chemistry into life sciences,' said Dr. Sangeeta Srivastava, executive director, Godavari Biorefineries. 'This Chinese patent reinforces the promise of our lead molecule and the vital work being done by our team at Sathgen Therapeutics to develop innovative therapies for some of the most pressing medical needs worldwide," she added.
Godavari Biorefineries already has an established presence on the global front. Its biotech division, Sathgen Therapeutics, is actively involved in the development of novel cancer and antiviral therapies.
It is also worth mentioning that just earlier this month, the company was granted a patent in Europe for its novel anticancer molecule.
About Godavari Biorefineries
Godavari Biorefineries was originally incorporated as 'Godavari Investment and Finance Corporation Ltd.' in Mumbai on January 12, 1956. The name of the company was changed on November 10, 2006, as 'Godavari Biorefineries'. The company is involved in the manufacturing of ethanol-based chemicals in India and has one of the largest integrated bio-refineries in the country in terms of installed capacity.
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