Business Daily from THE HINDU group of publications
Wednesday, Aug 13, 2008
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Business Daily from THE HINDU group of publications Wednesday, Aug 13, 2008 ePaper | Mobile/PDA Version | Audio |
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Research & Development Markets - IPOs Avesthagen and ICMR will jointly explore developing nutraceuticals, or therapeutic edibles, from traditional and folk medicine The agreement will also help strengthen research in bio-nutrition and open up new avenues for research on traditional Indian medicinal plants Our Bureau Bangalore, Aug 12 Avesthagen’s initial public offering plan, of at least two years, appears to be on track. The biotechnology company has said it proposes to file a draft red herring prospectus with the Securities and Exchange Board of India — and that it is likely in the near future. “Avesthagen Ltd is proposing — subject to receipt of requisite approvals, market conditions and other considerations — a public issue of its equity shares and to file a Draft Red Herring Prospectus with SEBI,” the company said as a disclaimer to its release, announcing a tie-up with the country’s apex medical research body, the ICMR (Indian Council of Medical Research). TRADITIONAL MEDICINEThe Bangalore company and ICMR on Tuesday signed an MoU by which they will jointly explore developing nutraceuticals, or therapeutic edibles, from traditional and folk medicine. The MoU covers knowledge sharing, research in genetic engineering and engineering metabolic pathways of medicinal plants for increasing the concentration of the active ingredients using physiochemical and molecular approaches, development of oilseeds and pulses that would have improved nutrition effect, tolerance to drought and salinity and improved nutrient utilisation efficiency. Avesthagen already has an agri-biotech product pipeline and is developing clinically validated plant-based ‘bio-actives’ (or core therapeutic ingredients) and a pipeline of bio-similar drugs. “The agreement aims to strengthen research in bio-nutrition and will open up new avenues for research on traditional Indian medicinal plants” on the public-private partnership model, Avesthagen said in a release. It already has tie-ups with over ten majors. Dr S.K. Bhattacharya, Additional Director-General and Officiating DG of ICMR, said, “While ICMR has established linkages with the private sector under the framework of public-private partnerships, the MoU (with) Avesthagen Ltd is the first of its kind in the research area of traditional Indian medicinal plants.” Dr Villoo Morawala-Patell, Founder, Chairman and Managing Director of Avesthagen, said, “We at Avesthagen have been investing and developing various tools and methodologies for the identification and validation of plant bio-actives. These efforts would be of use in both therapy and preventive healthcare. Avesthagen’s association with ICMR will hasten this process and provide an independent view of our results.” Avesthagen launches diabetic crackers More Stories on : Research & Development | IPOs | Pharmaceuticals
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