Alchemia prepares to commercialise first product
Indian biotechnology group Alchemia is about to raise US$21m through a public flotation to in preparation to launch its first product onto the market.
Indian biotechnology group Alchemia is about to raise US$21m through a public flotation to in preparation to launch its first product onto the market.
Using biotechnology to synthesise and manipulate carbohydrates, Alchemia has developed a synthetic version of natural anticlotting agent heparin, and a range of other antibacterial and anticancer drugs.
'We're raising funds for the next three years (through the float) which will be mainly used to develop Synthetic Heparin, our first product to be commercialised,' said ceo Tracie Ramsdale.
In October, Alchemia formed an alliance with American Pharmaceutical Partners, a provider of injectable pharmaceutical products; it also has an alliance with Dow Chemical.