India's Shilpa Medicare rises on positive results from drug trial

Unicycive Therapeutics

05/07/2024 05:45

** Shares of Shilpa Medicare  SHME.NS  rise as much as
15.4%; last up ~11% at 642 rupees, highest since July 2021 
    ** The pharma co says Unicycive Therapeutics  UNCY.O  
reported positive results for SHME's trial of Oxylanthanum
Carbonate (OLC) drug 
    ** Drug used for treatment for hyperphosphatemia in chronic
kidney disease patients
    ** UNCY will place purchase order for supply of OLC tablets
by June 30, 2025
    ** Stock eyes busiest trading session since mid-April,
volumes over 4.4x the 30-day avg  
    ** Session's gains lift stock to weekly rise of ~12.4%, SHME
eyes biggest weekly gain since late-Feb 


 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))