Glenmark Pharmaceuticals rose 0.51% to Rs 871 at 9:54 IST on BSE after the company announced the discovery and initiation of IND-enabling studies of a novel bi-specific monoclonal antibody targeting CD38.
The announcement was made during trading hours today, 8 January 2016.Meanwhile, the BSE Sensex was up 125.12 points, or 0.50%, to 24,976.95.
On BSE, so far 29,000 shares were traded in the counter, compared with an average volume of 51,167 shares in the past one quarter. The stock hit a high of Rs 882.20 and a low of Rs 867 so far during the day. The stock hit a 52-week high of Rs 1,261.95 on 21 August 2015. The stock hit a 52-week low of Rs 705 on 3 February 2015. The stock had underperformed the market over the past one month till 7 January 2016, falling 9.37% compared with 2.66% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 16.10% as against Sensex's 8.08% fall.
The large-cap company has an equity capital of Rs 28.22 crore. Face value per share is Re 1.
Glenmark Pharmaceuticals S.A. (GPSA), a wholly-owned subsidiary of Glenmark Pharmaceuticals India (GPL), has announced the discovery and initiation of IND-enabling studies for a novel clinical development candidate, GBR 1342. GBR 1342 is a CD38xCD3 bi-specific antibody based on Glenmark's proprietary BEAT platform. GBR 1342 is the second clinical development candidate (following GBR 1302 a HER2xCD3 bi-specific antibody) based on the BEAT technology. It is also Glenmark's second clinical candidate targeting oncology indications, the company said in a statement.
The company added that CD38 is one of the few known markers for plasma cells and is a well-established target for multiple myeloma, a cancer caused by malignant plasma cells. CD38 is potentially also a target for other hematopoietic malignancies.
GBR 1342's mode of action is similar to GBR 1302, Glenmark's first CD3 redirecting antibody. GBR 1342 redirects cytotoxic T cells through its CD3 binding arm onto CD38-expressing cancer cells and induces the killing of these cancer cells by the T cells. Glenmark is committed to moving GBR 1342 rapidly into clinical trials.
Glenmark has three monoclonal antibodies in the Novel Biologics Entity (NBE) pipeline undergoing active clinical development. GBR 830 is a OX40 antagonist for autoimmune diseases which is currently in Phase II clinical development for atopic dermatitis. GBR 900 targets the TrkA receptor for chronic pain and is currently in clinical Phase I. GBR 1302 is the first clinical candidate based on Glenmark's proprietary best in class BEAT platform. GBR 1302 is Glenmark's first clinical candidate targeting oncology indications. The BEAT antibody technology platform facilitates the efficient development and manufacturing of antibodies with dual specificities called bi-specific antibodies, the company said.
On a consolidated basis, Glenmark Pharmaceuticals' net profit rose 21.4% to Rs 200.41 crore on 10.3% growth in net sales to Rs 1844.02 crore in Q2 September 2015 over Q2 September 2014.
Glenmark Pharmaceuticals (GPL) is a global, integrated pharmaceutical company. Glenmark is a leading player in the discovery of new molecules both NCEs (new chemical entity) and NBEs (new biological entity). Glenmark has several molecules in various stages of clinical development and is primarily focused in the areas of oncology, Inflammation [asthma/COPD, rheumatoid arthritis etc.] and pain [neuropathic pain and inflammatory pain].
Powered by Capital Market - Live News
