Canbank Venture Capital Fund (CVCFL) Picks Up Stake

in Bioneeds India Pvt. Ltd., (Bioneeds) Bengaluru

* Bioneeds is a OECD GLP certified and AAALAC accredited PreClinical Contract Research Organization with 1,10,000 SFT of
world class Vivarium and supporting laboratories at Bengaluru.
* Bioneeds has strong research oriented scientific manpower
of 150 people.
* Bioneeds services highly reputed Indian and International
Pharmaceutical, Biotech, Agrochemical, Medical Devices,
Nutraceuticals, Cosmetics and Industrial chemical companies.
* Bioneeds will deploy funds in the ensuing expansion plan to
broaden its service offerings which would include Discovery,
Development and Regulatory service under one roof for
pharma, biotech, agrochemical and medical device companies.
* Bioneeds has highly skilled scientific manpower of 150
people, several of them with Phd./Doctoral Research to their
credit.
Mumbai, India, December 24th, 2015 -- Canbank Venture Capital Fund Ltd
(CVCFL) through its Fifth Fund viz., Emerging India Growth Fund has invested Rs.250
Million by way equity shares and convertibles for a minority stake in M/s Bioneeds
India Private Limited (Bioneeds).
Total expansion program will lead to addition of 120,000 Sq ft of facility, of which
55,000 Sq Ft will be added immediately. This will result in total 230000 Sq ft facility
consisting of Biopharma discovery labs (Molecular Biology, Cell Culture, Upstream
and Downstream, DPD, Bioanalytical and QC labs). NEC discovery labs (Chemistry,
DMPK, Safety Pharmacology, Bioanalytical and Canine Facility) and also additional
manpower of 75 scientists. With this expansion, Bioneeds will be offering full range
of Discovery, Development and Regulatory services to Pharma, Biotech, Medical
Device and Agrochemical companies.
Mr S Thiruvadi, Managing Director, Canbank Venture Capital Fund Ltd. (CVCFL) said,
Globally, Indian Scientific Community is highly respected for their ingenuity,
professionalism and contribution they have done in the field of new Drug Discovery.
Also, they have created positive impact in other industries in which Bioneeds offer
their services. High-quality scientific manpower coupled with cost advantage of
India, is a compelling business reason for many international companies to
outsource their research work in India. Bioneeds has demonstrated this and is very
well positioned to capture the growth opportunity with their well-qualified scientific
manpower. The EBITDA and PAT margins from Bioneeds are good and CVCFL
anticipates that Bioneeds with their strong customer base and progressive

professional management will achieve high growth in the revenues and profitability
and be able to offer significant returns through dividends and capital appreciation
on exit. CVCFL from its fund EIGF has been assisting unlisted mid stage/late stage
companies in the manufacturing and services sector with good growth potential and
require funding
According to independent reports, global R&D expenditure for the pharmaceutical
industry in 2014 was about US$ 139 billion with significant potential for outsourcing.
Penetration of outsourcing to independent CROs is estimated to be at CAGR of
about 12.5%. Parameters like high quality Scientific manpower and cost advantage
places India in a comfortable position to capture this business. World class facility
and well established processes are additional requirements, which Bioneeds has
rightly identified.
States Dr. S.N. Vinaya Babu, MD, Bioneeds, we are a first-generation business built
primarily on high quality work by our well qualified scientific staff. Our high-growth
till date has been funded by internal accruals and borrowings. We have been
actively looking for funds to strengthen our balance sheet and also expand our
services. The funds from CVCFL shall be deployed to build additional Vivarium and
Discovery Labs with state-of-the-art equipments. This will help us to broaden our
service offerings and deepen our relationship with 250+ active customers we
currently service. We aim to be counted among the best Global CROs offering
complete range of services. We aim to become INR 1,000 million Company in next 3
years.
Press & Media Contact:
Mitesh M Kapadia
Sentinel Public Relations Pvt Ltd / Sentinel Advertising Services
B-603, Samajdeep, Near Bhanu Park/Seasons Restaurant
Adukia Road, Off S V Road
Kandivli (W), Mumbai 400 067 India
Mob: +91 98205 03876
Tel: (022) 28625131/32
Fax: (022) 28625133
http://www.publicrelationindia.com
http://www.canbankventure.com