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Friday, March 26, 2010

Glenmark moves up 4% on USFDA nod for Calcipotriene

Glenmark Pharmaceuticals has gained 4% at Rs 252 after Glenmark Generics received approval from the USFDA for Calcipotriene Ointment.

Glenmark Generics Inc, USA (GGI), the United States subsidiary of Glenmark Generics Ltd (GGL), announced they have received final approval from the United States Food and Drug Administration (FDA) for Calcipotriene ointment 0.005%.

The stock opened at Rs 245 and touched high of Rs 255. The counter has seen trades of around 410,000 shares so far, as compared to an average 284,000 shares traded daily in last two weeks.

Calcipotriene ointment was marketed by Leo Pharmaceuticals as Dovonex ointment from its approval in December 1993 through April 2007, when the product was discontinued due to commercial viability. The brand garnered peak sales of approximately $93 million in the calendar year 2006, according to IMS Health. Leo Pharmaceuticals still markets and distributes a line of Dovonex® products including a cream and a topical solution.

Glenmark's approved version of calcipotriene ointment 0.005% is indicated for the treatment of plaque psoriasis in adults.

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