The Hindu Business Line : Magene to invest Rs 15 cr in contract manufacturing

MAGENE Life Sciences, a Hyderabad-based company, has firmed up plans to invest Rs 15 crore to create a discovery research laboratory and contract manufacturing facility in Medchal on the outskirts of the city.

The start-up floated in September 2002 by the Chary Group of Companies has so far invested Rs 7 crore and created a laboratory. Today, it also launched a corporate learning programme in biotechnology, Mr M.P. Chary, Chairman of the group, told newspersons.

With 26 research staff and set to expand, Magene Life Sciences wants to position itself as a company that can take up discovery research, contract research and offer a range of bio-services. It is close to signing up agreements with 3 US-based companies, he said.

The learning programme in biotechnology was launched by Mr B.P. Acharya, Secretary, Department of Industries and Commerce, Government of Andhra Pradesh. A MoU was signed by Mr T.R. Bhoopathy, MD and CEO of Magene, and Mr Uday Kumar, COO of Sartorius India Pvt Ltd, which would be part of the programme.

Magene Life Sciences has two therapeutic proteins in the pilot stage. "We expect to go in for animal trials in March and hope to bring them to the market by 2005, since they would be considered on `fast track' basis by the regulatory authorities. These therapeutic proteins are for cancer therapy," said Dr Gita Sharma, Director & Chief Scientific Officer.

More Stories on : Announcements | Pharmaceuticals | Andhra Pradesh

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