Mumbai, Aug. 20: Glenmark Pharmaceuticals today announced the discovery of a new molecule to treat breast and ovarian cancers.

The Mumbai-based pharmaceuticals company today said the molecule — GBR 1302 — was discovered and developed by the Glenmark Biologics Research Centre, based in La Chaux-de-Fonds, Switzerland.

GBR 1302 marks the company’s entry into the anti-cancer segment. Glenmark added that GBR 1302 attacks cancer cells rapidly and completely and is not subject to the same resistance escape mechanisms as competing therapies.

The molecule is based on its innovative BEAT antibody technology platform, which facilitates the efficient development and manufacture of antibodies. An antibody is a protein that identifies and removes a foreign body.

Glenmark expects to obtain approval to start clinical studies during this financial year.

“GBR 1302 is significant for Glenmark on multiple levels. It is our first antibody based on our proprietary BEAT antibody engineering platform and it represents the entry of Glenmark into the oncology innovator space, which has a huge commercial potential,” Glenmark Pharmaceuticals chief scientific officer & president Michael Buschle said.

The announcement led to shares of Glenmark gaining nearly a per cent in an otherwise weak market. On the BSE, the Glenmark scrip finished at Rs 722.35.

Glenmark, which has various molecules in different stages of clinical development, primarily focuses in areas of inflammation (asthma/COPD, rheumatoid arthritis) and pain.

Sources at Glenmark said after receiving the necessary approvals, the company would kickstart the process of bringing the molecule to fruitation, which includes clinical trials.