Financial Daily from THE HINDU group of publications
Friday, May 28, 2004
Financial Daily from THE HINDU group of publications Friday, May 28, 2004 |
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Corporate
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Announcements Morepen Labs gets world patent for cholesterol drug Our Bureau
New Delhi , May 27 MOREPEN Labs has received approval for the international patent of a new crystalline form (VI) of Atorvastatin, a cholesterol-lowering drug. Atorvastatin is the largest selling drug in the world, with a market size of $10 billion. The same has been published by the World Intellectual Property Organisation (WIPO) under the patent Cooperation Treaty (PCT). This is the second international patent for Atorvastatin and Morepen received the world patent for the amorphous form last year. The company is also filing abbreviated new drug applications (ANDA) for both these molecules and expects them to fetch a business of approximately $250 million in the next 10 years. The Metropolitan Magistrate on Thursday convicted Montari Industries Ltd, its Chairman, Dr Bhai Mohan Singh and Managing Director, Dr Bhai Manjeet Singh, in a case filed by Mudra Ispat, a Ispat Group company, under the Negotiable Instruments Act. According to a company release, Montari Industries owed more than Rs 62 lakh to Mudra Ispat and in 1995 issued a cheque of Rs 50 lakh to pay back its debt. But the cheque bounced on presentation against which a case was filed under Section 138/141 of the Negotiable Instruments Act. While the Metropolitan Magistrate convicted Montari Industries, Dr Bhai Mohan Singh and Mr Bhai Manjeet Singh, it acquitted other company officials.
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