Evolva Biotech opens research center in India
By siliconindia   |   Thursday, 31 March 2005, 20:30 IST
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ALLSCHWIL:Swiss company Evolva Biotech SA has opened a office in Hyderabad for molecular biology research operations in India. Evolva’s India operations became a reality after the firm received $2.5 million funds in the final round of it’s a-round from the Andhra Pradesh Industrial Development Corporation Venture Capital (APIDC-VC), a government of Andhra Pradesh undertaking with smaller participation from existing investors. However it was not clear whether the molecular biology research operation would be based in Hyderabad or Goa. Neil Goldsmith, Managing Director of Evolva, said, “We are delighted to add another international investor to our shareholder base. India is rapidly emerging as a key location for the biotechnology industry, and we see it playing a crucial role in the further development of Evolva. We believe this sets us up to deliver on the promise of our Watchmaker technology over the coming years. APIDC Biotech Fund’s involvement is important for us to ease into India, and to ensure that Evolva successfully capitalizes on the India advantages.” Sarath Naru, Managing Director of APIDC-VC commented “We are pleased to join an international syndicate of recognized biotech investors in Evolva. Evolva is opening a new field in the evolution of pharmaceuticals and addresses a major bottleneck in the discovery of novel drugs of natural origin, in which India has traditional strengths. The Indian operation will enable Evolva to cost-effectively expand its research and will enhance natural product drug development in India.” Jean-Philippe Tripet, Managing Partner of Aravis and Chair of Evolva’s board remarked “This is good news for Evolva. It is clear that elements of the biotech industry are moving out its traditional homes in the USA and Western Europe to other countries with strong research traditions and skills. We are pleased to be at the forefront of the trend.”