Glenmark Pharma surges 4?ter first clinical data of blood cancer drug shows positive signs- Grow Mudra

Glenmark Pharma surges 4?ter first clinical data of blood cancer drug shows positive signs

10 Dec , 2024 By : Debdeep Gupta

Shares of Glenmark Pharma surged over 4 percent in early trade on December 10 after the company stated that the first clinical data of its blood cancer drug showed a positive response rate of 83 percent. The positive development, essential for the successful clinical trial of Glenmark's blood cancer drug, bolstered sentiment for the stock.

In an exchange filing, Glenmark Pharmaceuticals announced that the first clinical data from the Phase 1 study of its Trispecific TREAT Antibody, ISB 2001, showcased a high overall response rate (ORR) with durable responses and a favorable safety profile in patients with heavily pretreated Multiple Myeloma.

Glenmark further stated that the data suggests ISB 2001 could compare favorably with approved bispecific options. “These results are among the most impressive I have seen in this patient population. ISB 2001 has the potential to revolutionize the treatment landscape for heavily pretreated patients with multiple myeloma who have exhausted currently approved therapies," said Hang Quach, M.D., Professor of Haematology at the University of Melbourne and Director of Haematology at St. Vincent's Hospital Melbourne.

At 09.45 am, shares of Glenmark Pharma were trading at Rs 1,548.48 on the NSE. The up move in the stock was also aided by strong trading volumes with six lakh shares—matching the one-month daily trading average—already exchanged so far.

The drug is being developed by Ichnos Glenmark Innovation, a collaboration between Ichnos Sciences, a biotech firm specializing in multispecifics for oncology, and Glenmark Pharmaceuticals, aimed at advancing new drug discovery in cancer treatment.

Glenmark Pharmaceuticals reported a consolidated profit of Rs 354.49 crore for the July-September quarter, marking a significant turnaround from a consolidated loss of Rs 180.3 crore in the same quarter last fiscal.

Consolidated revenue from operations for the quarter rose to Rs 3,433.8 crore in Q2, up from Rs 3,207.37 crore in the corresponding period of the previous fiscal.