New Delhi: Drug firm Venus Remedies on Monday said it has received patent grants for its antibiotic drug Sulbactomax from Russian and Ukrainian authorities.
The patent has been granted by Federal Service on Intellectual Property, Patents and Trademarks, Russia and State Enterprise Ukrainian Institute of Industrial Property, Ukraine, Venus Remedies said in a filing to the Bombay Stock Exchange (BSE).
With this patent grant the company can now enter the $780 million antibiotic market in Russia and also strengthen its presence in Ukrainian market, it added.
Sulbactomax is used in treating bacterial infections, including respiratory tract and urinary tract infections.
The world antibiotic market is presently estimated to be around $37.14 billion and is expected to be $55.18 billion by 2013, it said.
Shares of Venus Remedies were on Monday trading at Rs268.50 on the BSE in the afternoon trade, up 2.74% from its previous close.