Biotechnology major Biocon India Group has completed the animal trials of its Recombinant Human Insulin and is expected to commence the multi centric clinical trials on 120 patients short-listed from Hyderabad, Chennai and Bangalore. The trials are expected to commence in a month's time and the final report will be placed before the Drugs Controller General of India (DCGI) for clearance of the novel product by early 2004.

For the human insulin project, Biocon has utilised its existing fermentation plant and has invested Rs. 55 crore to have a dedicated production line. The product is expected to be marketed in three to four countries.

The company is confident of doubling its turnover to Rs. 500 crore and profits over Rs.100 crore this year from last year's Rs. 285 crore and Rs.50 crore respectively.

Over the next three years, investments to the tune of Rs.500 crore are being made for its hi-tech research centre, statins and monoclonal antibodies (MAB) production plant. One of the MAB's is an anti EGF (Epidermal Growth Factor) human monoclonal antibody. Early this year, Biocon entered into a 51:49 joint technology venture with the Centre for Molecular Immunology, a Cuban-based monoclonal antibody and cell culture technology major for the research and production of a novel drug for head and neck cancer. Land has been bought-up at a location which is 2km from its present facility at Hebbagodi on Hosur Road, in the out skirts of Bangalore.

Another initiative by the company is a three-way research collaboration with the Hannah Research Institute of Scotland and its spin out company, FFAST Solutions Limited for the development of an Oral Insulin based on Hannah's proprietary platform technology.

Thirty percent of the revenues will be generated from a debt that is expected to be advanced from international and domestic financial agencies. "We will finalise the source shortly as many offers are placed before us," Kiran Mazumdar-Shaw, chairman and managing director, Biocon India Group told Pharmabiz.com.

Biocon hopes to come out with an Initial Public Offer (IPO) in mid 2004. No details of the lead managers were disclosed. "We are evaluating several possibilities of generating funds and IPO is likely to be one of them among other options," she informed.