Glenmark Pharmaceuticals Shares Gain 3% After Launching Phase 3 Lung Cancer Drug Trial

Shares of Glenmark Pharmaceuticals gained over 3% on Friday after the company initiated a phase 3 clinical trial for envafolimab, a new cancer drug given through injection, to patients with operable stage-3 lung cancer.

According to a press release on Friday, Glenmark received approval from India's drug regulator to begin enrolling and treating patients in the country.

At the same time, Glenmark has submitted a Clinical Trial Application (CTA) to start the study in Russia and is preparing sites in Brazil and Mexico. This global trial will assess the effectiveness and safety of the drug, as well as how it works in the body, along with the immune system's response.

A similar Phase 3 study is already underway in China, run by 3D Medicines, the company said.

“With its novel subcutaneous administration, Envafolimab has the potential to make cutting-edge immunotherapy more accessible and convenient for patients worldwide, especially in regions where healthcare resources are constrained,” said Monika Tandon, Global Head of Clinical Development at Glenmark Pharmaceuticals.

“By advancing this trial across multiple geographies, we are reinforcing our commitment to transforming the standard of care in Stage III NSCLC and addressing one of the greatest unmet needs in cancer treatment today.”

Stock Watch

Retail sentiment on Glenmark turned 'bullish' on Stocktwits. It was 'neutral' earlier this week.

The company had been under some selling pressure in August after posting an 86% decline in first-quarter profit, despite stable revenues across most markets.

However, the stock has surged 35% this year.

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