Glenmark up on US FDA nod for dermatological cream

The stock finally ended with a gain of 3.5% at Rs 230 as against the day's high of Rs 238. Around 487,310 shares changed hands at the counter on the BSE today.
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(Updated at 1124 hrs)

Glenmark Pharma has surged over 6% to Rs 237 on the back of nod for its new dermatological cream.

The stock opened at Rs 227, and has touched an intra-day high of Rs 238. Around 303,900 shares have changed hands on the counter so far at BSE.

Glenmark Generics, US-based subsidiary of Glenmark Pharmaceuticals, has received ANDA (abbreviated new drug application) approval from the United States Food and Drug Administration for Ciclopirox Olamine cream, used in the treatment of dermatological infections.

Ciclopirox Olamine cream is the generic equivalent of Loprox cream marketed by Medicis. The product generated $8 million sales in the 12-month period ended September 2009.