Perlecan goes to trials with anti-diabetic drug

India-based Perlecan Pharma said this week that its anti-diabetic drug candidate DRL-16436 had entered the first phase of clinical trials, according to The Economic Times. The company has more than $50 million in financial backing from Dr. Reddy's Laboratories Ltd. (NYSE: RDY), Citigroup Venture Capital International Growth Partnership Mauritius Ltd., and ICICI Venture Funds Management Company. The phase-one clinical trials are being conducted in the Netherlands. www.drreddys.com.