The Mumbai-based Innovassynth Technologies, which is into contract manufacturing, contract research and custom synthesis, is planning to set up a nutraceuticals unit by mid 2006 at Khopoli near Mumbai. It is to manufacture a multi-vitamin nutraceutical product for a European company, which energises cells and is meant for anti-ageing. Innovassynth will take up purification and chemical synthesis of the product. Toxicology studies are currently in progress and the product will be launched in 2006.

The company is also planning to set up an R&D lab in Chennai in the company's existing premises and the work is likely to begin in 2006, Dr B Sahu, CEO and president of the company told Pharmabiz.

The company is carrying out research on emidytes with US-based Geron Corporation for treatment of brain tumour and the product is undergoing Phase-II trials. It is working with Isis Pharmaceuticals, US, on products that have application in the treatment of cancer, diabetes and certain tumours. Geron and Isis hold 1500 patents together. Innovassynth has also signed an MoU with a US-based company to manufacture anti-cancer drugs.

Dr Sahu informed, Innovassytnth has five R & D labs, six manufacturing units and one analytical facility. The company works on leading technologies and its key strengths are chemistry and world-class infrastructure. Its R&D team works on about 40 projects at any given time. The company has at present 280 employees, of which, 90 are in R&D, 120 in manufacturing and the rest in engineering support, HR and other areas.

The company is aiming at creating new molecules through its technologies and improving the existing molecules. Revenues of the company in the current financial year are estimated to be about $ 10 million and this will be raised to $ 25 million in the next fiscal, he added.