The Hindu Business Line : Avesthagen bags Red Herring award

Biotechnology company Avestha Gengraine Technologies Pvt Ltd said it has been chosen for a Red Herring 100 Asia award for 2006 for disruptive innovation. The awards are to be presented in Hong Kong on August 28.

The award recognises Avesthagen as a rising Asian star and is based on the company's business model, profitability forecasts, management team and technology, a company release said. The jury received 600 submissions in biopharmaceuticals, nutraceuticals, agribiotechnology and science innovation. "Such independent validation of the company is particularly gratifying at a time when we are fundraising for a pre-IPO round," said Dr Villoo Morawala Patell, Founder & CEO, Avesthagen.

"It is very gratifying to receive this award weeks after we announced a long-term collaboration with (French seeds major) Group Limagrain to develop superior seeds for the Indian and global market. Such deals and this award underline the potential of our company, which aims to bring its first product to market in 2007." Founded in 1998, Avestha began business operations in 2001. It also works along with Nestle, AstraZeneca, Novartis, Cipla and bioMerieux.

More Stories on : Awards & Honours | Bio-tech & Genetics | Pharmaceuticals

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