Moneycontrol Bureau
Shares of Glenmark Pharma touched record high at Rs 749.05 per share, up over 4 percent intraday on Wednesday as it forays into oncology with discovery and initiation of an innovative bispecific antibody, GBR 1302 molecule.
“GBR 1302 is the first clinical development candidate based on the BEAT technology. The company expects to obtain approval for the initiation of clinical studies during this fiscal,” it said in a press statement to the exchanges.
GBR 1302 was discovered and developed by Glenmark Biologics Research Centre located in La Chaux-de-Fonds, Switzerland and would be first molecule to become a patented molecule or drug for the company once it goes through multiple stages of research and development.
The GBR 1302 molecule will focus on treatment of breast cancer better than Herceptin, which could target only 25-30 percent of the market.
At 10:39 hrs, the stock was quoting at Rs 736.80, up Rs 17.35, or 2.41 percent on the BSE.
Posted by Nasrin Sultana
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