Following lackluster data on the effectiveness of its COVID antibody therapy against the high mutated Omicron variant, Regeneron (REGN  ) revealed that the biotech is working on a new treatment to combat the strain.

Chief Executive Leonard Schleifer toldCNBC's "Squawk Box" on Thursday that Regeneron expects to conduct clinical trials for its new antibody therapy designed to target Omicron in the upcoming first quarter. Schleifer added that Regeneron is already working with the U.S. Food and Drug Administration (FDA) to get the new antibodies authorized for emergency use as efficiently as possible.

The biotech's current antibody cocktail, which was developed to protect against the orignal SARS-CoV-2 strain, was found to be effective against the Delta varint, Schleiger told CNBC. The Delta variant is still the dominant strain in the United States, making up about 97% of new infections sequenced, according to data compiled by the U.S. Centers for Disease Control and Prevention (CDC). However, CDC Director Dr. Rochelle Walensky said earlier this week the agency estimates that Omicron represents up to 13% of COVID cases in New York and New Jersey.

"I think we need to figure out a way that we can get this [new antibody therapy] to patients on a large scale before that next variant shows up," Schleifer told CNBC, adding that it is possible that Delta, the flu, and Omicron could surge at the same time this winter, threatening to overwhelm already exhausted health care systems. "We're going to need a gull toolkit here...[and] we're excited to say we have a whole host of new antibodies which can work against both Omicron and Delta."

Regeneron's antibody cocktail targets the spike protein of the virus, which blocks its ability to invade human cells. The Delta variant has 18 mutations on its spike compared to the original SARS-CoV-2 virus, while the Omicron variant has more than 30 mutations. Similar to other antibody therapies, Regeneron is administered intravenously in a healthcare setting.

German researchers concluded based on data from a laboratory-based study that antibodies developed by Regeneron and rival Eli Lilly & Company (LLY  ) lose most of their effectiveness when exposed to Omicron,Reuters reports. Researchers, however, found that GlaxoSmithKline (GSK  ) and Vir Biotechnology's (VIR  ) antibody cocktail remained effective against the new variant, as well as all over mutated strains. In a separate lab study conducted by independent investigators of the FDA, researchers found that AstraZeneca's (AZN  ) antibodies also retained neutralising activity against Omicron.

Omicron has been detected in 77 countries since it was first identified by South African scientists three weeks ago, the World Health Organization said earlier this week. The global health agency added that Omicron is the fastest spreading variant to date.