Last year, a team of former execs from Indian generic drugmaker Ranbaxy launched a startup in Princeton, New Jersey to develop a line of U.S. based generic drugs.
Bionpharma just raised $6.5 million, according to a regulatory filing – on top of about $31 million raised last year. Investors have included venture fund Signet Healthcare Partners and generics manufacturer Pharmascience Inc.
Five execs at the U.S. branch of Ranbaxy quit last year, and aim through this Princeton-based startup to help Indian and European drugmakers receive regulatory clearance and expand their distribution rights in the U.S.
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The company is still in the process of getting its generics approved by the Food and Drug Administration, but is staying mum about what it’s developing until it secures regulatory clearance.
“The current focus will be to work on a range of controlled substances to be manufactured in the US and in addition build a portfolio which will be a mix of products ranging from those developed on delivery platforms to high volume generics,” Bionpharma says on its website. “In addition, we will also work on products that will be converting from an Rx to OTC to build our OTC business.”
The company didn’t respond to inquiry on how it has been using its funding. It’s on the hunt for pharmaceutical industry partners – and has one in place with a “Major North American Pharmaceutical company” to help with development and distribution.
[Image courtesy of Flickr user StockMonkeys]
