Glenmark PharmaceuticalsBSE 1.40 % today announced discovery and initiation of enabling studies of an investigational new drug (IND) molecule targeted at cancer treatment.

The novel clinical development candidate, GBR1342 is an antibody based on the company's proprietary BEAT platform, Glenmark Pharmaceuticals said in a regulatory filing.

BEAT is Glenmark's technology for production of bi-specific antibodies.

GBR1342 is the second clinical development candidate following GBR1302 based on the BEAT technology. It is also Glenmark's second clinical candidate targeting oncology indications, it added.

Glenmark Pharmaceuticals Chief Scientific Officer & President, Biologics, Michael Buschle said: "With the 1302 project we learned how to efficiently engineer and manufacture this novel type of antibody and we are now applying those lessons to several other targets."

Shares of Glenmark Pharmaceuticals were trading at Rs 867 in the afternoon trade, up 0.05 per cent from the previous close on BSE.