Sun Pharma shares in focus after USFDA nod for next-gen skin disorder device
Shares of Sun Pharmaceutical Industries are set to be in focus on Monday after the company announced that it had received approval from the U.S Food and Drug Administration (USFDA) for its next-generation BLU-U Blue Light Photodynamic Therapy (PDT) device, developed for the treatment of actinic keratosis—a precancerous skin condition.
ADVERTISEMENT In a stock exchange filing on Friday, Sun Pharma said the USFDA had approved its upgraded PDT system under the agency's Real-Time Review Program. The device treats actinic keratoses, or AKs, in combination with LEVULAN® KERASTICK®—a liquid containing aminolevulinic acid that is used to target minimally to moderately thick lesions on the face, scalp, and upper extremities.
According to the U.S. National Center for Biotechnology Information (NCBI), actinic keratosis is often associated with chronic sun exposure, (and) individuals with actinic keratosis may present with irregular, red, scaly papules or plaques on sun-exposed regions of the body. The condition can progress to skin cancer if left untreated.
Sun Pharma's upgraded BLU-U device replaces the older fluorescent-tube-based model with modern LED technology, making it 'more compact and easier to use,' the company said.'We are pleased to receive the FDA's approval of LED BLU-U and look forward to seeing the positive impact this next generation device will have for those living with actinic keratosis,' said Abhay Gandhi, chief executive officer at Sun Pharma (North America).'As a company committed to innovation, we are confident that this new LED BLU-U model will provide improved efficiency and reliability while maintaining the safety and efficacy that healthcare professionals and people with AKs have come to trust from Sun Pharma,' Gandhi added.
ADVERTISEMENT The company's stock has gained 13% over the past year and 2% in the past three months, though it declined 0.6% over the last week.
On the technical front, Sun Pharma shares are currently trading below six of their eight key simple moving averages, including the 10-day, 20-day, 30-day, 100-day, 150-day, and 200-day SMAs. The 14-day Relative Strength Index (RSI) stands at 47.7, suggesting a neutral trend.
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