Glenmark Pharmaceuticals rose 3.13% to Rs 742 at 9:53 IST on BSE after the firm said its wholly owned subsidiary announced the discovery and initiation of IND enabling studies of a novel clinical development candidate, GBR 1302.
The announcement was made before market hours today, 20 August 2014.
Meanwhile, the S&P BSE Sensex was down 18.05 points or 0.07% at 26,402.62.
On BSE, so far 34,000 shares were traded in the counter as against average daily volume of 58,000 shares in the past two weeks.
The stock hit a high of Rs 749.05 so far during the day, which is a record high for the counter. The stock hit a low of Rs 726 so far during the day.
Glenmark Pharmaceuticals S.A. (GPSA), a wholly owned subsidiary of Glenmark Pharmaceuticals India (GPL), announced the discovery and initiation of IND enabling studies of a novel clinical development candidate, GBR 1302, a HER2xCD3 bispecific antibody. GBR 1302 was discovered and developed by the Glenmark Biologics Research Centre located in La Chaux-de-Fonds, Switzerland. GBR 1302 is based on Glenmark's innovative BEAT antibody technology platform which facilitates the efficient development and manufacture of antibodies with dual specificities, so-called bispecific antibodies. GBR 1302 is the first clinical development candidate based on the BEAT technology. Glenmark expects to obtain approval for the initiation of clinical studies during this financial year.
Commenting on this milestone, Dr. Michael Buschle, Chief Scientific Officer & President - Biologics, Glenmark Pharmaceuticals mentioned "GBR 1302 is significant for Glenmark on multiple levels: It is our first bispecific antibody, it is our first antibody based on our proprietary BEAT antibody engineering platform and it represents the entry of Glenmark into the Oncology innovator space, which has a huge commercial potential."
Glenmark Pharmaceuticals' consolidated net profit surged 43.7% to Rs 184.85 crore on 19.4% growth in net sales to Rs 1477.82 crore in Q1 June 2014 over Q1 June 2013.
Glenmark Pharmaceuticals (GPL) has a significant presence in branded generics markets across emerging economies including India. GPL along with its subsidiary has 14 manufacturing facilities in four countries and has six R&D centers. Its subsidiary, Glenmark Generics services the requirements of the US and Western Europe generics markets. The API business sells its products in over 80 countries, including the US, various countries in the EU, South America and India.
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