Glenmark high on asthma drug news

DALAL STREET SPIKES

Glenmark Pharmaceuticals shares ended marginally higher in a lacklustre trading on back of company's announcement the scientists at the new drug discovery centre have discovered a novel, potent and highly selective drug candidate for asthma. The stock hit a high of Rs 153.40 before closing at Rs 149.20 with volumes accounting for more than 80 thousand shares at the BSE.

According to reports, the company is currently completing its preclinical studies for the compound GRC-3886. The compound having demonstrated high efficacy and safety in pre-clinical studies, is expected to enter Phase I clinical trials in the UK in July, Glenmark said.

The Phase I clinical studies will be conducted by Quintiles, a leading global contract research organisation, company added.

Market sources said, yesterday's gain was purely news driven as the potential asthma drug is expected to boost the company's bottomline in future.