Piramal Life Sciences today said it has received the approval from the Drug Controller to take forward its clinical trial on two of its molecules in India.
"We have received notifications to carry on the next phase of clinical trials on our cancer molecules. One is for Phase 2 and the other for Phase 1," Piramal Life Sciences Chairman Ajay Piramal said at the AGM here.
It has a pipeline of 15 candidates, including five in clinical trials. The company is targeting to launch its first drug in 2011.
The company's foreign institutional holding has dropped to 11 per cent from 15.6 per cent since it was listed in May, Piramal said. FII holding on May 29 in the company was at 15.6 per cent.
Commenting on the outlook, Piramal told shareholders not to expect income for the next two years.
"Do not expect revenues before 2011, but returns shall be tremendous on commercialisation of the molecules into drugs," he said.
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Globally, large pharmaceutical companies have grown around one drug developed from basic research, he said.
The company is in the process of raising funds by diluting around 10-15 per cent equity over the next 12 months to take care of its expenditure, he said.