The Chennai-based Orchid Chemicals and Pharmaceutical Ltd announced the Orchid-Bexel joint venture has successfully completed limited proof-of concept Phase 2(a) clinical trials of its anti-diabetic molecule BLX-1002 in Europe. The company has also been granted a US patent for the molecule.

The trials were conducted on 24 Type 2 diabetic volunteers with promising results. The patent covers the efficacy of the molecule in diabetes, hyperlipidimia and certain other indications, informed a company release.

According to K. Raghavendra Rao, managing director, Orchid, discussions have been initiated with several MNCs to out license the molecule. "With the US patent and the availability of phase 2(a) trials, we anticipate an acceleration in discussions and the results would help Orchid to forge a strong out licensing deal," hoped Rao.