After successfully completing the phase II trials, Glenmark Pharma’s experimental new molecule for the treatment of diabetes, Melogliptin is ready to enter phase III by the end of the existing year (2009).

Mr. Glenn Saldanha, MD & CEO, Glenn Pharmaceuticals said, “Global phase III trials have been planned with melogliptin and are due to start at the end of 2009 following regulatory approvals.”

“These studies are designed to evaluate the compound both as monotherapy and in combination with other anti-diabetic therapies in patients with type 2 diabetes mellitus,” Mr. Saldanha added.

Melogliptin has finished phase IIb, or mid-stage, clinical examinations and the outcomes showed enhanced glycemic control in patients suffering from type 2 diabetes mellitus.

The outcomes of the 12-week long research carried out on 494 patients also showed low rate of hypoglycemia, or low blood sugar level, and a neutral effect on the body weight of patients consuming Melogliptin.

The Mumbai-based drugmaker has continuously been in discussions to outlicense the molecule.

In Feb 2008, Merck KGaA ceased an agreement with the Glenmark to globally market and develop the molecule, as part of the German drugmaker's worldwide plan to get out of diabetes research.

The stock of the company, on Wednesday (June 24), marked its closure at Rs 234.65, up 6.5%, on the Bombay Stock Exchange (BSE). The total volume of the shares traded stood at 1,118.058. It also hit an intraday high of Rs 237 and an intraday low of Rs 216.30.

The share price has seen a 52-week high of Rs 680 and a low of Rs 119.15 on BSE. Current EPS and P/E of the stock stood at 21.28 & 11.03 respectively.