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| Zenox Lifesciences to raise Rs 6 cr through 'pvt placements' |
| Press Trust of India / Chennai Sep 02, 2010, 16:11 IST |
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Pharmaceutical firm Zenox Lifesciences would raise Rs six crore through "private placements" over the next few months, a top company official said here today.
"We are in the process of raising funds of Rs six crore through private placements...This would be utilised for new business opportunities, expanding our presence in the country...," Zenox Lifesciences Managing Director S A Manikandan told reporters here.
The funds would also be utilised for buying brands and substantiate the company's growth, he said, adding the company formed in June 2010, was promoted with an equity capital of Rs four crore.
The firm would make a formal entry into the Life sciences segment with the industry witnessing a significant growth. "The Indian Pharma market was estimated to reach 10th largest in the world by 2015," he said, citing a report.
The Chennai-headquartered company has already tied-up with another firm to formally launch 15 products particularly for treating chronic ailments in Tamil Nadu, Andhra Pradesh, Karnataka, Kerala and Orissa markets.
"We will be initially targeting with the products in these markets initially and we will be taking it up Pan- India," Zenox Lifesciences Executive Director Arun Kumar said.
The company currently has 150 field operators, which would be increased rapidly. The company has also aimed to touch Rs 15-crore revenues in the first six months and had set a target of reporting Rs 100 crore revenue by 2013, he said.
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