Glenmark commences clinical trial of anti-myeloma drug; stock up

Pharma major Glenmark Pharma began the clinical trial of its anti-myeloma drug on Friday as announced by the company. The company launched the Phase-1 clinical trial of GBR 1342, an investigational antibody, for the treatment of multiple myeloma on Friday.
 
The company had received the USFDA’s approval for the investigational new drug application to initiate phase-1 study of GBR 1342. With the trial, the company will assess the safety and tolerability of increasing doses of GBR 1342 in myeloma patients, until the maximum tolerable dosage is reached. Additionally, the company will also do the assessment of biomarkers, immunogenicity and additional measures of anti-tumor activity.
 
On Friday, Glenmark Pharmaceuticals gained on the bourses following the development. The stock hit an intraday high of Rs. 540 per share, higher by 1.32 per cent and an intraday low of Rs. 529.15 per share on BSE.
 
The stock had hit its 52-week high of Rs. 973.10 per share on July 2, 2017 and its 52-week low of Rs. 529.15 per share on August 12, 2017 on BSE, respectively. The stock was trading at Rs. 537.95 per share, higher by 1 per cent at 1220 hours on BSE.