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Acubiosys plans to raise Rs 40 cr from VCs
Acubiosys plans to raise Rs 40 cr from VCs
The funds will be utilised for opening of a new office in the US, adding 40 Ph D scientists to the team, and setting up a new laboratory
Hyderabad: City-based life sciences startup Acubiosys Private Limited said it will soon raise around Rs 30 – 40 crore from venture capitalists (VCs) and foreign investors too. The funds will be utilised for expanding its presence and setting up a new laboratory.
Founded in 2018, the startup uses artificial intelligence (AI) and machine learning (ML) tools to bring targeted nano phytopharmaceuticals and cost-effective medicines for different indication of diseases to consumers. Initially, Acubiosys had raised Rs 70-80 lakh, besides receiving grants of worth Rs 1 crore.
“Acubiosys has reached its business target. Our turnover is Rs 2-3 crore per annum. Now we are expanding infrastructure and business verticals so as to provide more employment to scientists. We are in the process of raising around Rs 30-40 crore from venture capitalists and looking to pull in investments from foreign companies too,” Founder and CEO of Acubiosys Private Limited Srinivas Maddi said.
He further said that the expansion plan is related to opening of a new office in the US and setting up a new laboratory. “Our office in the US will support us with collaborations for marketing, investments for our formulations, drugs and clinical trials. We will also be adding 30-40 Ph D scientists into our team.” At present, the Hyderabad-based company has employed 15 scientists.
Acubiosys has three patents in the pipeline, one for psoriasis and eczema and the others for different types of cancers, mainly breast and lung cancer. “We are in the process of filing patent for lung cancer drug in the US and Europe markets along with India, looking at the demand for a cure. Currently, we are at phase-III trial stage for psoriasis. Going ahead, we might look at royalty based approach for marketing and commercialization of our nano phytopharmaceuticals,” Maddi added.
Acubiosys uses AI & ML tools to understand existing drugs and then reposition them for other diseases. It develops molecules by combining synthetic with nano phytopharmaceuticals. Here, nano technology such as nano suspension, emulsion, and sponges, are used to put synthetic and phytopharmaceuticals into nano form. These molecules and formulations are considered to be organic, safer, and cost-effective with no side-effects.
On a question asked about the safety and recall of drugs, he said that DCGI (Drugs Controller General of India) has to be stringent while putting the checks in place. “This is due to the inefficiency of DCGI not being able to put a proper system in practice. The drug that had an adverse effect on people of another country was produced by a pharma company that was given permit without proper background verification,” Maddi said.
He also stressed onan existent lack of funding for infrastructure for the analysis of drugs at the Central government labs. According to him, the Union government has to dedicate higher per cent of the GDP on research and building infrastructure for labs to uplift DCGI’s standard to that of USFDA.
