The Hindu Business Line : US-based funds take 30 pc stake in Grandix Pharma

The two NRI-owned investors have been issued additional shares at a price of Rs 100 a share, Dr A. Ramamurthy, Managing Director of Grandix, told newspersons today.

Grandix Pharma produces and markets over 125 products in the anti-diabetic, anti-hypertension, and painkiller segments in seven States.

The company produces tablets in its plant in Chennai. It also outsources production of capsules and injectibles from other companies. In addition, it trades in pharmaceutical and nutraceutical products.

Dr Ramamurthy said that Grandix would use Rs 7 crore to expand its marketing network into other States and Rs 2 crore would be pumped into R&D. Grandix's turnover in 2006-07 would be around Rs 100 crore, he added.

The company has submitted documents for US FDA approval of two formulations.

Moreover, the company wants to get into the `clinical trials' area too.

Grandix's (pre-venture capital) paid-up equity of Rs 3 crore is held by 492 doctors. Among them they have 200 nursing homes and 10,000 beds.

The company intends to use this strength for taking up (Phase II and III) clinical trial assignments, where drugs out of research laboratories are tested on patients.

With this in mind, Grandix is setting up a lab at Tidel Park in Chennai for Rs 6 crore, which "should be operational in the next two months."

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