Glenmark Pharmaceuticals clarifies on news about its anti-asthma drug

With reference to the news items appearing in a leading daily titled "Glenmarks anti-asthma drug chokes in US clinical trials", Glenmark Pharmaceuticals Ltd has clarified that clinical trials on Oglemilast in the US are proceeding well. The news that Forest Labs has stopped the trials and is considering returning the compound is thoroughly baseless. When contacted by the publication’s reporter, the company had clarified these matters and is surprised that such a baseless rumour has been printed despite the clarifications provided.

Presently, there are two Phase II studies underway as was stated in a release sent out by the Company in April 2006. One of the studies explores the effects of Oglemilast on exercise-induced asthma, for which patient enrolment and dosing is complete. Top-line results are expected in November 2006. The second study investigates the, effect of Oglemilast in mild asthmatic patients facing an antigen challenge. Patient enrolment for the same is on-going and results are expected in early 2007.

A third study for COPD is expected to commence in early 2007 after providing certain additional pre-clinical data to the US FDA. The USD 30 million milestone from Forest Labs that the Company had guided to in the current fiscal is expected soon.

The news article seems to have been driven by baseless & malicious rumours, The Company intend to take up the matter strongly with the publication and failing a satisfactory response, the Company may even consider taking legal action.

Source : Equity Bulls

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