Suven Life Sciences Ltd will commence work on its Rs 100 crore manufacturing unit in Visakhapatnam this quarter.
“The construction will begin in a month or two and the unit should be ready by middle of next year,’’ Venkat Jasti, Chairman and Chief Executive Officer, told Business Line here on Thursday.
The company is likely to raise $20-$25 million to fund the trials. “Hopefully, internal accruals, part funding from banks should be able to take care of this requirement. If there is a need, we may also think of divesting a bit,’’ he added.
On the research front, Suven is working towards beginning phase-II trials for its lead compound, SUVN 502 soon in 6-9 months.
In drug development, phase-II trials are performed on a larger group of patients to assess the drug performance.
“Most of the work is completed except some bridge studies on the compound which should be over in next six to nine months, ’’ Jasti said.
The compound could slow the worsening of symptoms and improve quality of life for those afflicted with Alzheimer’s disease, he claimed.
Suven now has three compounds under development to treat depression, schizophrenia and pain. It is expecting about 20-25 per cent growth in the financial year March 2013. It posted Rs 204 crore turnover in 2011-12.
Suven Life’s scrip lost 2.39 per cent on the Bombay Stock Exchange on Thursday to close at Rs 24.50.