The Hindu BusinessLine: June, 2014
Chennai: Arvind Remedies has obtained the rights from SRM University to access patented technology for the commercial manufacture of drugs to combat Type II diabetes and cardiovascular diseases.
SRM had applied and got this patent for the drugs derived from botanical sources.
“We have signed an agreement with the university for the transfer of the patent right so that we can further develop the drug, manufacture and commercialise it,” Arvind Shah, Chairman and Managing Director, told Business Line . The drugshave completed phase II of clinical trials, and are set for the next stage.
The company will soon approach the Drug Controller General of India for the phase III clinical trials.
Expected to hit the market in 2015, the products will earn SRM University a 10 per cent royalty on sales. To be manufactured at Arvind’s US Food and Drug Administration approved facility in Irungattukottai in Tamil Nadu, the products are also slated for exports to the US, said Shah.
The company’s net profits during the quarter ended March 31, 2014, stood at Rs. 10.34 crore, down from Rs. 12.41 crore in the comparable period last year.