Business Daily from THE HINDU group of publications
Wednesday, July 9, 2008 ePaper | Mobile/PDA Version
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Business Daily from THE HINDU group of publications Wednesday, July 9, 2008 ePaper | Mobile/PDA Version |
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Update at 1900 hrs (IST)
Corporate Panacea Biotec gets US patent for piles drug MUMBAI: Leading biotechnology firm Panacea Biotec on Wednesday said it has received US patent for 'Thank God' drug used in treating piles. The US Patent & Trademark Office has granted patent for 'Thank God' drug which is used for treating hemorrhoids and piles, it said in a filing to the Bombay Stock Exchange. Following the patent, the firm plans to launch the product in US and European Union. “Thank God (Euphorbia Prostrata) is an innovative, comprehensive solution for management of hemorrhoids and piles. This US patent for Thank God would offer us an excellent opportunity to enter the US and EU markets, which is an important part of our glob al strategy,” Panacea Biotec's Joint Managing Director, Mr Rajesh Jain said. The potential of anti-hemorrhoids and piles market in the US and European Union is estimated to be worth $500 to 600 billion. Shares of the company closed at Rs 314.60, down 2.37 per cent on the BSE. - PTI
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