Pharmaceutical company Venus Remedies Ltd on Monday said that it has received patent for its anti-pneumonia drug in New Zealand and hopes to generate handsome revenues there following the grant.
The company has got a patent from Intellectual Property Office of New Zealand for its antibiotic Potentox, used in the treatment of pneumonia, Venus Remedies said in a statement to the Bombay Stock Exchange.
"Post registration in the New Zealand market, the company expects to generate handsome revenues from this product which will add growth in top line and bottom line of the company," it further said.
Potentox has already become a revenue generator and is contributing over Rs12 crore per annum to the total revenues of the company and is expected to grow at the rate of 30% to 40% annually, it added.
New Zealand is the fourth country after South Korea, India and South Africa from where Venus has got patent for Potentox, the drug maker said.
On Monday, Venus Remedies closed 1.5% higher at Rs268 on the Bombay Stock Exchange, while the benchmark Sensex ended 1.1% up at 17774 points.
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