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Elder Pharmaceuticals rises on receiving COS from EDQM for Diosmin API

07 Nov 2012 Evaluate

Elder Pharmaceuticals is currently trading at Rs. 329.95, up by 2.00 points or 0.61% from its previous closing of Rs. 327.95 on the BSE.

The scrip opened at Rs. 330.00 and has touched a high and low of Rs. 331.90 and Rs. 329.50 respectively.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 406.00 on 09-Nov-2011 and a 52 week low of Rs. 267.05 on 16-Aug-2012.

Last one week high and low of the scrip stood at Rs. 331.90 and Rs. 273.00 respectively. The current market cap of the company is Rs. 677.00 crore.

The promoters holding in the company stood at 39.89% while Institutions and Non-Institutions held 23.37% and 36.74% respectively.

Elder Pharmaceuticals, has received the Certificate of Suitability (COS) from EDQM (European Directorate for the Quality of Medicines & Healthcare) for Diosmin API. The global market size of this finished product is around $500 million of which, the European markets accounts for approximately $225 million. Diosmin is predominantly a prescription medication in some European countries and is also sold as a nutritional supplement in rest of Europe.

Currently, the company has customers throughout the world, viz. Southeast Asia, Africa and Latin American region. “COS” approval for Diosmin API will enable the doors of European region to open offer for Elder, thus enabling the company to expand its global market share.

Diosmin, a semi-synthetic drug, is a member of the flavonoid family. It can be isolated from various plant sources or derived from the flavanoid hesperidins. It is an oral phlebotropic drug used in the treatment of venous disease, I.e.  Chronic Venous Insufficiency and Hemorrhoidal Disease (HD).

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