The APIDC Venture Capital Limited has invested in several promising life sciences companies such as Evolva, Marillion, and Melior and is keen to fund ventures in pharmaceuticals, biotechnology, clinical trials, diagnostics and other potential healthcare segments.
Evolva's drug discovery platform utilises Indian strengths in plant biodiversity/synthesis skills. The funding has so far been in two stages. Series A with $22 million (pre-money valuation of $2 million) round at proof of concept and Series B with $18 million round. Evolva is transitioning partly to India with APIDC support. Evolva has recently signed a $40 plus million deals with full IP right for a period of over four years.
Marillion is focusing on unique detection and drug delivery systems and in-licensed therapies for cancers. Series A $2 million round (pre-money valuation of $1.5 million) at proof of concept level has taken place. Marillion has in-licensed IND filed Vit D analog for breast and prostate cancers. Phase I is expected to start in January 2007.
Melior is involved in drug discovery using a competitive animal model. The company is following a low risk strategy by finding alternate indications from approved drugs. Series A $3.7 million for 2 new indications has been completed. Within six months of the company's operations, it has got a $300,000 contract from Pfizer.
Trans-India Acquisition Company, an entity chaired by N Vaghul and led by people like Bobba Venkatadri, Nalluru Murthy, and Sarath Naru (managing director of APIDC Venture Capital) is listing in Nasdaq to raise $ 90 million for the purpose of acquiring companies in India. The company is keenly looking at pharma and biotech sectors.
APIDC VCL has been working closely and has established formal relationships with key Government funding initiatives such as SBIRI, TDB and NIMITLI. The company has also been able to get Oxford Biosciences Founder as investor in its Fund. A significant achievement has been a unique TDB investment in its Fund capped at a fixed return, enhancing its ability to take on lower return and higher risk plays.
APIDC VCL, a joint venture between the AP Industrial Development Corporation and Dynam Venture East of USA, has established India's first dedicated Biotech Venture Capital Fund for the benefit of start-ups in biotechnology industry.