PlasmaGen Biosciences Pvt Ltd, a biopharmaceutical company focused on blood plasma-derived pharmaceutical products for India and emerging markets, said Thursday it has raised Rs 225 crore ($27 million) from investors.
The company said it secured the fresh capital from the UK-based Artian Investments, Indian public market investor Ashish Kacholia, pharmaceutical entrepreneurs Anurag Bagaria and Dushyant Patel, and other high-net-worth investors.
Existing investors Eight Roads Ventures and F-Prime Capital also participated in the funding round, it said.
Bengaluru-based PlasmaGen plans to use the fresh capital to expand its presence internationally, develop products and fund working capital requirements.
“This latest funding strengthens our position as market leaders in our mission to be a trusted and leading Indian biopharmaceutical company, dedicated towards improving the health and quality of life of patients,” said Vinod Nahar, founder and managing director of PlasmaGen.
Previously, the company had raised about Rs 160 crore ($25 million) from Eight Roads and F-Prime Capital. To date, PlasmaGen has raised Rs 400 crore across multiple funding rounds.
Founded in 2010, PlasmaGen is a biopharmaceutical firm. It sells drugs such as albumin, intravenous immunoglobulin, rabies immunoglobulin, hepatitis B immunoglobulin and RhD immunoglobulin (anti-D) under its own brand name to private hospitals and state governments in India and other emerging markets.
In India, PlasmaGen has a presence in more than 70 cities, covering more than 5,000 physicians and hospitals, including most national hospital chains, through an end-to-end cold chain network, the company said in a statement.
Earlier this year, PlasmaGen inaugurated a new manufacturing facility for blood plasma-derived protein therapeutics in Kolar, Bengaluru. It claims that it is India’s first plasma manufacturing facility by a pure-play, end-to-end blood plasma company and only the fifth plasma fractionation facility in India.
The manufacturing facility has an initial capacity to process 5,00,000 litres of plasma annually. It will produce multiple plasma products like albumin, immunoglobulins and coagulation factors. Additional capacity has been incorporated into the design, allowing PlasmaGen to expand its product portfolio in the future, the company said.
