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Avesthagen
in talks with int’l institutes for novel drugs
Vijaya
K - Bangalore
Avesthagen,
a Bangalore based fully integrated biotechnology and bioinformatics
company set up primarily to promote research and development services
worldwide, is in talks with Imperial College, London and a French
company Biomeriex to jointly explore novel potential drugs and R&D
services in its projects based on medicinal plant system.
The
company plans to conduct studies on population genetics which could
be a key driver in the process of drug discovery, identifying drug
target and diagnostics.
‘‘We
are planning to tie up with institutions such as Imperial College
on certain diseases like cardiovascular etc where we would screen
the patients for particular markers,’’ said Dr Villoo
Morawala Patell, the founder and CEO of the company, ‘‘Our
focus is on predictive medicine rather than prescriptive.’’
Avesthagen,
which has today grown into a mid-sized biotech company, is expected
to raise its second round of funding to the tune of upto $10m from
two international investors. ‘‘We have reached pre product
stage and Avesthagen has acquired many IPRs now,’’ Dr
Patell said.
Major
chunk of the funds is expected to go into the company’s medicinal
plant drug discovery system. In addition to ongoing projects, the
company also plans discovery of novel molecules and novel proteins
from medicinal plants as well as set up systems for standardising
medicinal plants extracts.
Avesthagen
provides R&D services for medicinal plant drug system apart
from developing
technology, Dr Patell said.
The
company’s projects under medicinal plant drugs system are in
much early stage of discovery and the company plans to use proteomes
for producing biotherapeutics of these medicinal plants.
The
synergy between Avesthagen’s expertise in biology and the marketing
strengths of the Healthcare and Life Sciences division of Wipro
is centred upon knowledge management from the early discovery stages
to clinical trials and plan to provide population genetics services
in various disease areas like lupus, arthritis and cardiovascular
diseases.
The
company’s convergence sector comprising of food, pharma and
population genetics is focussed on medicine for diabetes and skin
care.
‘‘We
plan to go in for IPO within a span of two years. This is essential
for Indian biotech companies because local VCs are not tuned for
funding and make India a truly R&D based hub by attracting transnational
VC investments,’’ Dr Villoo
feels.
Avesthagen
was spun off in April 1998 with funding from the Rockefeller foundation.
In April 1999 it signed an MOU with University of Agricultural Sciences
initiating some
projects.
In
the first round, Avesthagen raised $2million as
venture funding from ICICI
ventures, Global Trust Bank and TATA Industries Ltd.
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