Biocon announce new plans

By agencies   |   Thursday, 20 July 2006, 07:00 Hrs
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MUMBAI: Biocon Ltd has posted its quarterly earnings for June maintaining a profit of $ 7.16 million after tax (PAT), due to higher fixed cost on account of Biocon Park.

The Biotechnology Company recorded an increase in the total income of the company by 21.02 percent to $48.20 million for the first quarter ended June 30.

This came after the announcement the Drug Controller General of India had granted the company approval to market its BIOMAb EGFR treatment for head and neck cancer in India. Interestingly the initial human clinical trials for its oral insulin molecule, IN105, had also begun and will be completed by the third quarter of fiscal June this year.

Biocon chairman and managing director Kiran Mazumdar-Shaw said that the innovation led business initiatives have the potential to realize exponential growth in the long term and deliver superior shareholder value in the future."

The year ahead will continue to be challenging due to market conditions and the impact of depreciation at new facilities at Biocon Park.

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