Venus Remedies Limited, a research-based global pharmaceutical company, has signed a memorandum of understanding (MoU) with South African pharmaceutical firm Austell Laboratories to exclusively out-license its flagship product, Elores, in South Africa.
A novel antibiotic adjuvant entity that effectively counters serious hospital-acquired infections caused by multi-drug-resistant extended-spectrum beta-lactamase (ESBL) and metallo-beta-lactamase (MBL)-producing gram negative bacteria, Elores is likely to be launched in South Africa by mid-2015, said Venus Remedies' chairman and managing director, Pawan Chaudhary.
The overall systemic antibacterial market of South Africa is worth US$ 275 million and growing at a compound annual growth rate (CAGR) of 10.5 per cent. Elores will cater to the needs of about 40 per cent segment of this market. “Venus Remedies is projected to generate a cumulative revenue of US$ 20 million within five years of the launch of Elores in South Africa,” said Chaudhary.
Globally, the systemic antibacterial market, which is growing at a CAGR of 7.2 per cent, is set to reach $44 billion by 2016. The infections caused by multi-drug-resistant ESBL/MBL-producing gram negative bacteria which Elores is capable of fighting comprise 25 per cent of this market, thus creating a tremendous opportunity for Venus Remedies.
The MoU between Venus Remedies and Austell Laboratories was signed recently at the Patna Technology Expo, where the top 20 innovators under the “DST-Lockheed Martin India Innovation Growth Programme 2013”, including Venus Remedies, were awarded cash prizes.
Dr Manu Chaudhary, director, Research, Venus Medicine Research Centre, who received the cash prize for Elores as the “Number 1 Innovation of 2013”, said, “We are delighted to be a part of this unique endeavour that not only identifies and appreciates the innovative technologies with commercial potential but also supports the innovators of these technologies by providing them entrepreneurship training and business development assistance for successful commercialisation in the global marketplace.”
She said Venus Remedies had been participating in this prestigious innovation growth programme since 2010 and had received gold medals for its research products Ampucare, a wound-healing drug, and Trois, a nano-technology emulsion for arthritis, in 2010 and 2011, respectively.
Venus Remedies has already filed the common technical document for Elores in Europe and is planning to take this product to other international markets with the support of Lockheed Martin Foundation, Union Department of Science and Technology, FICCI and all other associated bodies.
Elores has a unique profile of action, which gives it an edge over all the existing therapies. It has resulted in more than 30 per cent reduction in treatment time and about 50 per cent reduction in the cost of treatment. Elores has been receiving a tremendous response from the medical fraternity across the country since its launch in India in January this year.
While other antibiotics fail to respond to ICU infections caused by multidrug-resistant ESBL and MBL-producing gram negative bacteria, Elores is effective against carbapenem-resistant bacterial strains such as E. coli, K. pneumoniae, P. aeruginosa and A. baumanni. It prevents both the growth and spread of drug-resistant genes from one bacterial species to another, thus making it one of the safest and most effective drugs available to cater to multidrug-resistant carbapenem-resistant enterobacteriaceae.