Orchid posts good Q3 performance

Chennai: The city based bulk drug major Orchid Chemicals & Pharmaceuticals has closed its third quarter ending 31st December 2003 with a turnover of Rs.170.90 crore and a net profit of Rs. 8.41 crore. The figures for the corresponding period last year were Rs.128.28 crore and Rs.3.72 crore respectively.

The company's turnover and operating income for the nine months ended December 31, 2003 stood at Rs 505.66 crore as compared to Rs 346.45 crore in the corresponding period last fiscal. Net profit after deferred tax for the nine months was Rs 23.27 crore compared to Rs 9.52 crore registered during the same period of the last fiscal.

During the quarter, the US discovery JV (Bexel Pharmaceuticals) progressed well on its novel anti-diabetic molecule (BLX-1002). Following the successful completion of pre-clinical tests and evaluation of the results and clinical protocols by the Independent Ethics Committee (IEC), BLX-1002 is now in Phase I human clinical trials in Europe. BLX-1002 is an orally active small molecule for treatment of Type-2 diabetes. The molecule is distinctive in its class for not only its exceptional efficacy and safety, but also its unique anti-weight gain property.

Orchid's NDD research program in Chennai has been developing more lead molecules in the area of anti-infectives and anti-inflammation segments which have shown good promise in in-house pre clinical safety and efficacy tests.