The Hindu Business Line : ABL Biotech to raise $7 m through GDR

Chennai, March 3 ABL Biotechnologies Ltd plans to raise $7 million (Rs 28 crore) through a GDR issue, according to information provided by the company to the stock exchange.

Mr K.O. Isaac, Managing Director, ABL Biotechnologies Ltd, said the funds would be used to expand its R&D facilities here for drug discovery and to set up a clinical research organisation in Singapore.

The company has a 4,000 sq ft research space at the Ticell Biotechnology Park in Chennai.

It is now looking to set up a 25,000-sq ft facility at Vishakhapatnam for microbial research and a clinical research organisation in Singapore for ratification and new drug application to the US market. ABL Biotechnologies’ clients, the international pharmaceutical companies, have a presence in Singapore and ABL needs to be present there, Mr Isaac said.

14 leads

ABL Biotechnologies has 14 leads based on its research on marine microbes with potential for developing a range of pharmaceutical products including anti-virals. Two products for diabetes and Alzheimers diseases are at an advanced stage of out-licensing, he said.

The expansion is needed to carry this work forward, Mr Isaac said.

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