Gufic Biosciences gains 6.67% as it forays into cancer immunology
Gufic Biosciences shares rallied 6.67% in today’s opening session touching a high of Rs 237.75 as the company forays into cancer immunology by undertaking research collaboration with Selvax Pty Ltd.
The company informed in its exchange filing on March 9 after-market hours that it is entering into a research and collaboration agreement with M/s. Selvax Pty Ltd (Selvax), a biotechnology company based in Perth, Western Australia, to accelerate the commercialization of Selvax's cancer immunotherapy treatment.
Gufic will participate in mutually agreed-upon development activities in exchange for exclusive commercial rights to Selvax immunotherapy in India and an equal share of future revenues derived from future sales of the product in Europe, subject to regulatory approvals from India and Europe, respectively.
Gufic Biosciences Limited is engaged in the manufacture of pharmaceuticals, medicinal chemicals and botanical products.
Selvax self-vaccine technology targets the tumour microenvironment in cancer cells and stimulates an immune response. This allows the technology to overcome major challenges previously faced with other cancer immunotherapies including poor response rates and potentially serious toxicity.
The stock had gained 10.26% on the bourses in the last one week compared to the benchmark index BSE Sensex shrunk by 1.48% while sectoral index S&P BSE Healthcare of which Gufic Bioscience is a constituent gained 1.98%. Gufic Bioscience has logged a 52-week high and low of Rs 270.10 and Rs 99.10.
For the quarter ended on December 31, 2021, Gufic Bioscience has reported muted growth in net revenue up by 3.3% YoY basis at Rs 172.07 crore. However, the net profit for the said period stood at Rs 21.03 at a growth of 36.01% on YoY basis.
Today, Gufic Bioscience is trading at Rs 227.40 apiece at 10.50 am on the bourses.
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