Bangalore based biopharma company Theramyt Novobiologics has raised a funding of Rs 27.5 crore ($4.5 million) from a group of venture capital firms consisting of Accel Partners, IDG Ventures, Aarin Capital and the Karnataka state government backed KITVEN.
The company develops novel biobetters, biosimilars and NBEs for use in the treatments for oncology, rheumatoid arthritis, metabolic disorders and cardiovascular diseases.
Sohang Chatterjee, Director and CEO at Theramyt, said, “Biotech healthcare needs collaborative R&D and smart application of science to control the costs of healthcare and meet the therapy requirements of a wider population and disease type.”
The company plans to use the newly raised funds for infrastructure, expansion and R&D. Kavitha Iyer Rodrigues, Director and COO, said that the company is now looking at a global play.
This is not the first biotech venture for Sohang Chatterjee and Kavitha Iyer Rodrigues, their earlier biotech startup Inbiopro was acquired Strides Arcolab, a global pharmaceutical company headquartered in Bangalore.