| Just months
after Godrej and Cipla made their strategic investments in
Bangalore-based Avestha Gengraine Technologies (Avesthagen), World Bank
affiliate International Finance Corporation (IFC) and Netherlands
Development Finance Company (FMO) are close to investing $7.5 million in
this emerging biotechnology firm. |
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| This Series
B round of funding is expected to be closed by March this year.
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| Avesthagen
is one of India’s promising fully-integrated biotechnology and
bioinformatics companies, focusing on the convergence between food,
pharma and clinical genomics leading to preventive personalised
medicine. |
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| Avesthagen
provides innovative solutions for global challenges in agriculture and
health problems in the areas of degenerative conditions, metabolic
disorders and infectious diseases. |
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| It was
founded by Villoo Morawala Patel, a Ph D in plant molecular biology from
the University Louis Pasteur, Strasbourg, France and now the
Vice-Chairperson & CEO of Avesthagen. |
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| In early
2001, the company raised its first round of venture capital of $2
million from ICICI Ventures, Tata Industries and the erstwhile Global
Trust Bank, now merged with Oriental Bank of Commerce. |
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| No comments
were available from the company on the deal. IFC and FMO both support
the private sector in developing countries. |
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| With this
fresh round of funding, Avesthagen will accelerate the market delivery
of its existing discovery pipeline. Avesthagen’s research programme
envisages developing and marketing a range of clinically validated
nutritional compounds as branded products over the next five years.
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| First to
emerge from the pipeline will be validated compounds for degenerative
conditions next year. |
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| The leads
will be licensed to large food companies for use as nutraceutical
supplements and functional foods. For this Avesthagen is seeking to
establish early-stage partnerships with large nutritional food
companies. |
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| The
partnership will enable Avesthagen to incorporate the partner’s
understanding of the unmet market needs and available marketing
opportunities for nutritional foods at an early stage of the discovery
process |