Shares of Glenmark Pharma rose as much as 2.4 percent to Rs 360.5 apiece for the fifth straight day on Tuesday after the drugmaker informed the exchanges that it will be commencing a new phase of 3 clinical trials on hospitalised patients of moderate COVID-19 cases in India using a combination of two anti-viral drugs- Favipiravir and Umifenovir.
It has been the longest winning streak for the stock in over a month.
The company has received permission from the regulator for the same and will look at enrolling 158 patients of the moderate COVID-19 for trial and randomised into 2 groups. It will be a new randomised, open-label study.
"The two antiviral drugs have different mechanism of action, and their combination may demonstrate improved treatment efficacy by effectively tackling high viral loads in patients during early stage of disease," the company said in a statement.
"This is another step in our effort is to launch a treatment for COVID-19 patients and we are looking at every possibility. We will do all it takes to ensure accessibility of the product across the country if the clinical trials are successful," Sujesh Vasudevan, President, India Formulations, Middle East and Africa business, Glenmark Pharmaceuticals Ltd.
Last month, Glenmark said it would conduct clinical trials in India of just favipiravir as a potential treatment for COVID-19.