Avestha Gengraine Technologies Pvt. Ltd. (Avesthagen), the healthcare technology group with interests in Biopharmaceuticals, Nutraceuticals, Agribiotech and Science Innovation, has been declared as a Red Herring Magazine 100 Asia Winner for 2006 for disruptive innovation.
The Award recognizes that Avesthagen is an emerging star in Asia and follows a stringent evaluation of its business model, profitability forecasts, management team and technology. The judging panel, comprising the Red Herring Editorial Team, received over 600 submissions from across the continent.
"It is very gratifying to receive this award a matter of weeks after we announced a significant, long term strategic collaboration with Group Limagrain, the fourth largest seeds group in the world, to develop superior seeds for the Indian and global market" said Dr. Villoo Morawala Patell, Founder & CEO, Avesthagen. "Such deals and this award underline the potential of our company, which aims to bring its first product to market in 2007. We are working with leading organizations including Nestle, AstraZeneca, Novartis, Cipla and bioMerieux. Such independent validation of the company is particularly gratifying at a time when we are fundraising for a pre-IPO round," she added.
The Red Herring Top 100 Asia winners will officially receive their awards at the Red Herring Asia Summit on August 28,2006 In Hong Kong.
Avesthagen founded in 1998 as an academic startup began business operations officially in 2001. Its activities include, agri-biotechnologies product pipeline, development of scientifically validated bioactive nutraceuticals derived from Indian medicinal plants, as well as the development of a pipeline of bio-similar drugs. The company's four strategic business units are Biopharmaceuticals, Food For Medicine (Nutraceuticals), Seed For Food (agribiotech) and Science Innovation. It employs 200 people worldwide.