INDIA BUSINESS WORLD - August 1st - August 31st - 2008
PIRAMAL GETS NOD FOR CLINICAL TRIAL OF TWO DRUGS
Piramal Life Sciences has said that it has received the go ahead from the drug controller to take forward its clinical trial on two of its molecules in India. "We have received notifications to carry on the next phase of clinical trials on our cancer molecules. One is for Phase 2 and the other for Phase 1," Piramal Life Sciences chairman Ajay Piramal said at the AGM here. The company has a pipeline of 15 candidates including 5 in clinical trials. The company is targeting to launch its first drug in 2011. "Do not expect revenues before 2011, but returns shall be tremendous on commercialisation of the molecules into drugs," Mr Piramal told investors. The company's foreign institutional holding has dropped to 11% now from 15.6% since it was listed in May, Mr Piramal said. FII holding on May 29 in the company was at 15.6%.
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