Drug maker Glenmark Pharmaceuticals today said its candidate for neuropathic, osteoarthritis and other inflammatory

RELATED ARTICLES Glenmark Pharmaceuticals Q3 net dips 46.70% to Rs 46.11 cr

pain -- GRC 10693, is entering phase I trials.

The molecule has been filed for phase I approval with European regulatory authorities and GRC 10693 is Glenmark's fifth molecule to enter clinical trials, the company said in a filing to the Bombay Stock Exchange.

"We are glad to have a Phase I ready molecule that could present a potential opportunity as it matures. We see this as further validation of strength and speed of our discovery chain," Glenmark Pharmaceuticals MD and CEO Glenn Saldanha said.

The company expects to complete phase I trials for the candidate and initiate phase II before the end of financial year 2009.

The neuropathic pain market is estimated at around five billion dollars with over 40 million patients worldwide, while the osteoarthritis market is valued at over four billion dollar with over 20 million patients.

Shares of Glenmark were trading at Rs 616.85, down 3.62 per cent on BSE in afternoon trade.