Pharma giant Wockhardt Limited has announced that it has got tentative nod from US Food and Drug Administration (USFDA) to market Memantine pill in the potency of 5 mg and 10 mg.
Memantine is a new new medicine, which is very effectual in treating Alzheimer`s disease.
Memantine works in a different way and suppresses receptors called N-Methyl-D-Aspartate (NMDA) as these receptors may lie behind the deterioration of cholinergic cells (1).
Cholinergic cells are vital for proper brain functioning and are also badly impacted in Alzheimer.
Wockhardt, on Dec 29, declared that the company's members, by way of postal ballot have cleared the resolutions, with required majority to enhance the company's authorized share capital to Rs 9.25 billion from Rs 1.75 billion, and modification of clause V of memorandum of association of the company.
Moreover, the company has also decided that the preferential issue will not surpass 1.6 billion convertible or non-convertible redeemable preference shares worth Rs 5 each.
At 12:28 p. m., the shares of the company gained 4%, to trade at Rs 183.05 on the Bombay Stock Exchange (BSE).