Glenmark Pharmaceuticals on Monday said it has initiated studies for the development of a new molecule 'GBR 830', which could possibly be used to treat diseases like Arthritis (RA) and bowel disease.
In a statement, the Mumbai-headquartered firm said its wholly-owned subsidiary Glenmark Pharmaceuticals SA has discovered and initiated IND (investigational new drug) enabling studies of a novel clinical development candidate, GBR 830.
"GBR 830 shows great promise to emerge as a valuable therapeutic option to treat patients suffering from immune pathologies such as autoimmune diseases like Rheumatoid Arthritis and Inflammatory Bowel Disease," Glenmark said in a statement.
GBR 830, which is a potential global first-in-class molecule, has been discovered and developed by the Glenmark Biologics Research Centre located in La Chaux-de-Fonds, Switzerland.
"GBR 830 is a tremendous achievement for us," Glenmark Pharmaceuticals chief scientific officer and President (Biologics) Michael Buschle said.
He added that the antibody expertise and product development capabilities of the Switzerland Biologics Research Centre will continue to enrich the Glenmark discovery pipeline.
Glenmark scrip was trading at Rs 516.25 on the BSE in late afternoon trade, up 0.52 per cent from the previous close.