Glenmark Pharmaceuticals rose 0.81% to Rs 629.30 at 13:49 IST on BSE after the company said it initiated phase IIb dose range finding study for novel molecule GRC 27864.
The announcement was made during trading hours today, 15 January 2018.Meanwhile, the S&P BSE Sensex was up 289.04 points, or 0.84% to 34,881.43.
On the BSE, 39,000 shares were traded in the counter so far, compared with average daily volumes of 88,000 shares in the past two weeks. The stock had hit a high of Rs 642 and a low of Rs 626.05 so far during the day. The stock hit a 52-week high of Rs 973.10 on 7 February 2017. The stock hit a 52-week low of Rs 528 on 18 December 2017.
Glenmark Pharmaceuticals, a global pharmaceutical company, announced that the company has been granted permission by the Directorate General of Health Services, Central Drugs Standard Control Organization (CDSCO), Government of India, to conduct a phase IIb dose range finding study to evaluate safety and efficacy of GRC 27864 in patients with moderate osteoarthritic pain. GRC 27864 is a potent, selective, and orally bioavailable inhibitor of microsomal prostaglandin E synthase-1 (mPGES-1), a novel therapeutic target in pain management, which is up-regulated under inflammatory conditions.
The phase II study is planned in India in 624 patients of osteoarthritis of the knee and hip to evaluate safety, efficacy and; biomarkers to characterize novel mechanism differentiated from existing NSAID's and selective COX-2 inhibitors. Primary objective of the study is to evaluate safety and tolerability of GRC 27864 given orally at daily doses of 10 mg, 25 mg and 75 mg for 12 weeks compared to placebo, in patients with moderate osteoarthritic pain.
DCGI granted permission to conduct the Phase II study based on the results of three Phase I studies conducted in healthy adult and elderly volunteers. Single oral dose up to 1000 mg and multiple oral doses up to 130 mg/day (for 28 days) of GRC 27864 were well tolerated in these studies without any dose limiting adverse events. Pharmacodynamic biomarker data generated in phase 1 studies also demonstrated adequate target inhibition.
On a consolidated basis, net profit of Glenmark Pharmaceuticals declined 4.24% to Rs 214.12 crore on 2.31% rise in net sales to Rs 2223.44 crore in Q2 September 2017 over Q2 September 2016.
Glenmark Pharmaceuticals (GPL) is a research-driven, global, integrated pharmaceutical organization.
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