Piramal Life Sciences today said it has started phase-II clinical trials of a molecule, aimed at treating diabetes, in Europe and India.
The company today initiated the phase-II study of 'P1736-05', an insulin sensitising compound, which is being developed for the treatment of type-2 diabetes, in India and Europe, Piramal Life Sciences said in a filing to the Bombay Stock Exchange (BSE)
"The commencement of phase-II trial of P1736-05 in India and Europe speaks of our efforts to build a diversified and strong pipeline of products to address unmet medical needs," Piramal Life Sciences Managing Director Somesh Sharma said.
He further added: "P1736-05 is likely to provide a safe and effective therapeutic option to type-2 diabetic patients."
Phase-II clinical trials are tests conducted on a small select sample of human patients after passing the Phase-I, which is done on a smaller sample.
While, the company has been granted an approval by Indian regulatory authorities, in Europe various EU regulatory authorities like CCMO of Netherlands and NIP of Hungary have granted an approval for conducting the trials, it added.
According to the World Health Organisation (WHO), Type-2 Diabetes Melitus is an emerging worldwide health crisis with an incidence rate of 300 million by 2025.
Type-2 Diabetes Melitus or non-insulin dependent diabetes accounts for about 95 per cent of the diabetic population.
Shares of Piramal Life Sciences were trading at Rs 191.40 in late afternoon trade on the BSE, up 4.99 per cent from its previous close.
Monday, September 20, 2010
IOC hikes petrol prices by 27 paise per litre from Monday night
The public sector Indian Oil Corporation (IOC) today announced a marginal hike of 27 paise per litre in the price of its non-branded petrol in Delhi from midnight tonight in an effort to bring the prices to market parity.
In Delhi, the new price will be Rs 51.83 a litre against Rs 51.56 earlier. The price will go up from Rs 55.40 to Rs 55.69 in Kolkata, Rs 55.97 to Rs 56.25 in Mumbai and Rs 56.02 to Rs 56.31 in Chennai, IOC said.
Sources said the other state-owned oil marketing companies (OMCs) -- Hindustan Petroleum Corporation Limited and Bharat Petroleum Corporation Limited -- were also likely to follow suit in the next two or three days.
An IOC official said the hike had become necessary because of the rise in the prices of crude oil.
The Centre had in June freed the prices of petrol from government control and this is the first time since then that the OMCs have hiked prices.
The different OMCs are said to have decided to announce hikes on different days in order to avoid charges of acting as a cartel.
In Delhi, the new price will be Rs 51.83 a litre against Rs 51.56 earlier. The price will go up from Rs 55.40 to Rs 55.69 in Kolkata, Rs 55.97 to Rs 56.25 in Mumbai and Rs 56.02 to Rs 56.31 in Chennai, IOC said.
Sources said the other state-owned oil marketing companies (OMCs) -- Hindustan Petroleum Corporation Limited and Bharat Petroleum Corporation Limited -- were also likely to follow suit in the next two or three days.
An IOC official said the hike had become necessary because of the rise in the prices of crude oil.
The Centre had in June freed the prices of petrol from government control and this is the first time since then that the OMCs have hiked prices.
The different OMCs are said to have decided to announce hikes on different days in order to avoid charges of acting as a cartel.
Cotton to Extend Rally Amid Tight Supply, Trader Says
Cotton, trading at more than $1 per pound in New York for the first time since 1995, may extend its rally as supplies fail to keep pace with demand, according to trader Gill & Co.
Prices may climb by a further 10 cents to 15 cents in the next 15 days to a month, Chairman and Managing Director Kantilal V. Shah said in a phone interview. Cotton jumped as much as 3.8 percent to $1.0198 today, the highest since June 1995.
“You’ve never seen such a hectic rise,” said Shah, whose Mumbai-based company has been trading cotton for more than a century. “It has broken the rules.”
Cotton has surged 62 percent in the past year on slumping inventories and as excess rain in China and floods in Pakistan damaged crops. The global stockpiles-to-usage ratio is forecast by the U.S. Department of Agriculture to decline to the lowest since 1994.
“Everybody is looking out for cotton because everybody is short,” said Shah, referring to mills that don’t have enough of the raw material. “Supplies all over the world are tight.”
The commodity is the best performer over the past year on the UBS Bloomberg CMCI Index. The most-active contract, for delivery in December, added 3 percent to $1.0118 on ICE Futures U.S. at 2:32 p.m. Mumbai time.
Futures may surge to $1.25 by January as supplies dwindle, O.A. Cleveland, a professor emeritus in agricultural economics at Mississippi State University, said Sept. 14. Prices may reach as much as $1.05 within six weeks, John Flanagan, president of Flanagan Trading Corp., said Sept. 15.
Trade Curbs
Adverse weather in China, the biggest grower and user, and export curbs in India are bolstering prices, Flanagan said.
India, the second-biggest producer and exporter, will limit shipments to 5.5 million bales in the season starting Oct. 1 and will impose “prohibitive” duties on exports above that level, Commerce Secretary Rahul Khullar said earlier this month. A bale weighs 170 kilograms (375 pounds) in India.
Global cotton stockpiles will decline 3.3 percent to 45.4 million bales at the end of the marketing year on July 31, U.S. Department of Agriculture data show. That’s equal to 38 percent of demand, the lowest ratio since 1994. A U.S. bale weighs about 480 pounds (218 kilograms).
Prices may climb by a further 10 cents to 15 cents in the next 15 days to a month, Chairman and Managing Director Kantilal V. Shah said in a phone interview. Cotton jumped as much as 3.8 percent to $1.0198 today, the highest since June 1995.
“You’ve never seen such a hectic rise,” said Shah, whose Mumbai-based company has been trading cotton for more than a century. “It has broken the rules.”
Cotton has surged 62 percent in the past year on slumping inventories and as excess rain in China and floods in Pakistan damaged crops. The global stockpiles-to-usage ratio is forecast by the U.S. Department of Agriculture to decline to the lowest since 1994.
“Everybody is looking out for cotton because everybody is short,” said Shah, referring to mills that don’t have enough of the raw material. “Supplies all over the world are tight.”
The commodity is the best performer over the past year on the UBS Bloomberg CMCI Index. The most-active contract, for delivery in December, added 3 percent to $1.0118 on ICE Futures U.S. at 2:32 p.m. Mumbai time.
Futures may surge to $1.25 by January as supplies dwindle, O.A. Cleveland, a professor emeritus in agricultural economics at Mississippi State University, said Sept. 14. Prices may reach as much as $1.05 within six weeks, John Flanagan, president of Flanagan Trading Corp., said Sept. 15.
Trade Curbs
Adverse weather in China, the biggest grower and user, and export curbs in India are bolstering prices, Flanagan said.
India, the second-biggest producer and exporter, will limit shipments to 5.5 million bales in the season starting Oct. 1 and will impose “prohibitive” duties on exports above that level, Commerce Secretary Rahul Khullar said earlier this month. A bale weighs 170 kilograms (375 pounds) in India.
Global cotton stockpiles will decline 3.3 percent to 45.4 million bales at the end of the marketing year on July 31, U.S. Department of Agriculture data show. That’s equal to 38 percent of demand, the lowest ratio since 1994. A U.S. bale weighs about 480 pounds (218 kilograms).
James Bond Producers Said to Join Sahara Bid for MGM Studio
The Broccoli family, producers of the James Bond movies and co-owners of the franchise with Metro- Goldwyn-Mayer Inc., are involved in Sahara India Pariwar’s $2 billion bid to buy the debt-laden studio, said a person with knowledge of the offer.
Barbara Broccoli and her stepbrother Michael G. Wilson are part of the Sahara India offer and would receive an undisclosed equity stake in MGM if it succeeds, said the person, who sought anonymity because the discussions are private.
It wasn’t clear whether Broccoli and Wilson would have a management role in the Los Angeles-based studio, the person said. Sahara India, based in Lucknow, offered $2 billion for MGM’s more than $3.7 billion in debt, the Associated Press reported on Sept. 17.
The overture comes as MGM’s creditors are scheduled to vote this week on a pre-packaged bankruptcy plan to restructure the company’s debt by converting it to equity in a merger with Hollywood producer Spyglass Entertainment. Sahara India has interests in finance, infrastructure and housing, media, consumer products, manufacturing and services, according to its website. Its entertainment operations include cable-television channels, film production and cinema chains.
The talks involve Sahara India’s “mutual interest” with MGM, Abhijit Sarkar, head of corporate communications at Sahara India Pariwar, said in an e-mailed statement yesterday. He declined to add to the statement today, saying “it’s too early to comment on the issue.”
Susie Arons, an outside spokeswoman for MGM, declined to comment, as did Stephanie Wenborn, a spokeswoman for the Broccolis’ London-based EON Productions.
Creditor Vote
Under MGM’s pre-packaged bankruptcy plan that creditors will vote on, Spyglass Entertainment co-chairmen Gary Barber and Roger Birnbaum, who produced “The Sixth Sense” and “Seabiscuit”, would operate the studio and swap the rights to their film library for a 5 percent stake in the new company.
On April 19, EON Productions, the James Bond production company controlled by Broccoli and Wilson, said they would suspend development on the next instalment in the 007 series, which was previously scheduled for release in late 2011.
“Due to the continued uncertainty surrounding the future of MGM and the failure to close a sale of the studio, we have suspended development on Bond 23 indefinitely,” EON said then in a statement.
EON has produced 22 Bond films since 1962. Broccoli and Wilson have run the studio since 1995, when they took over from the late Albert “Cubby” Broccoli, who initially controlled the franchise rights. The family owns a 50 percent stake in the franchise, with MGM’s United Artists studios owning the other 50 percent. EON controls the merchandise rights while the studio handles film-related distribution.
Broccoli and Wilson asked Time Warner Inc.’s Warner Bros. film unit to stay involved in the MGM bidding, people with knowledge of the situation said in May. A $1.5 billion bid by Time Warner was rejected as too low, people with knowledge of the matter said in March.
Barbara Broccoli and her stepbrother Michael G. Wilson are part of the Sahara India offer and would receive an undisclosed equity stake in MGM if it succeeds, said the person, who sought anonymity because the discussions are private.
It wasn’t clear whether Broccoli and Wilson would have a management role in the Los Angeles-based studio, the person said. Sahara India, based in Lucknow, offered $2 billion for MGM’s more than $3.7 billion in debt, the Associated Press reported on Sept. 17.
The overture comes as MGM’s creditors are scheduled to vote this week on a pre-packaged bankruptcy plan to restructure the company’s debt by converting it to equity in a merger with Hollywood producer Spyglass Entertainment. Sahara India has interests in finance, infrastructure and housing, media, consumer products, manufacturing and services, according to its website. Its entertainment operations include cable-television channels, film production and cinema chains.
The talks involve Sahara India’s “mutual interest” with MGM, Abhijit Sarkar, head of corporate communications at Sahara India Pariwar, said in an e-mailed statement yesterday. He declined to add to the statement today, saying “it’s too early to comment on the issue.”
Susie Arons, an outside spokeswoman for MGM, declined to comment, as did Stephanie Wenborn, a spokeswoman for the Broccolis’ London-based EON Productions.
Creditor Vote
Under MGM’s pre-packaged bankruptcy plan that creditors will vote on, Spyglass Entertainment co-chairmen Gary Barber and Roger Birnbaum, who produced “The Sixth Sense” and “Seabiscuit”, would operate the studio and swap the rights to their film library for a 5 percent stake in the new company.
On April 19, EON Productions, the James Bond production company controlled by Broccoli and Wilson, said they would suspend development on the next instalment in the 007 series, which was previously scheduled for release in late 2011.
“Due to the continued uncertainty surrounding the future of MGM and the failure to close a sale of the studio, we have suspended development on Bond 23 indefinitely,” EON said then in a statement.
EON has produced 22 Bond films since 1962. Broccoli and Wilson have run the studio since 1995, when they took over from the late Albert “Cubby” Broccoli, who initially controlled the franchise rights. The family owns a 50 percent stake in the franchise, with MGM’s United Artists studios owning the other 50 percent. EON controls the merchandise rights while the studio handles film-related distribution.
Broccoli and Wilson asked Time Warner Inc.’s Warner Bros. film unit to stay involved in the MGM bidding, people with knowledge of the situation said in May. A $1.5 billion bid by Time Warner was rejected as too low, people with knowledge of the matter said in March.
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