Australia's Neuren Pharmaceuticals rises on strong sales from US drug licensee

Neuren Pharmaceuticals

03/11/2023 01:03

** Shares of Australia's Neuren Pharmaceuticals Ltd  NEU.AX 
rise as much as 23.1% to A$13.9, their highest since July 27
    ** Brain disorder drug maker says quarterly sales of co's
drug licensed to U.S.-based Acadia Pharmaceuticals  ACAD.O 
exceeded expectations
    ** Says higher sales will lead to significant royalty
revenue and potential sales milestone payments for co
    ** Adds if Arcadia meets its guidance, then co would receive
royalties of A$26 mln ($16.72 mln) to A$28 mln for FY23
    ** Stock posts its biggest intraday percentage gain since
July 14
    ** 616,641 shares change hands, compared with the 30-day
average volume of 446,559
    ** Stock is the second biggest percentage gainer on the
benchmark S&P/ASX 200 index  .AXJO  
    ** Stock up 42% YTD as of last close




($1 = 1.5555 Australian dollars)

 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com;))