"This is our fourth new drug to enter the clinic and the first from the research collaboration with pharma major Eli Lilly. The drug development timeline is on schedule," NPIL Director-Strategic Alliances and Communications Swati Piramal said.
The Central Committee on Research involving Human Subjects (CCMO) and the Independent Ethics Committee of the foundation Evaluation Of Ethics in Biomedical Research (BEBO), have approved Nicholas' application to initiate the Phase I study of the drug molecule -- P1201-07.
In a filing to the Bombay Stock Exchange, the company said P1201-07 is a compound from US-based Eli Lilly & Co and is being developed for metabolic disorders. "We in-licensed this molecule from Lilly only in January 2007, and it has gone to the clinic in just a year," Piramal added.
Further, the filing added that the scheme of arrangement entailing the demerger of the NCE Research Unit of Nicholas Piramal to NRDL has been sanctioned by the Bombay High Court. The record date for issue of shares by NRDL to the shareholders of Nicholas Piramal under the said scheme was February 22.
The shares of NRDL would be listed on the BSE and NSE in accordance with the scheme, the company added.