Sunday 20 September, 2020

Indies Pharma secures financing for new drugs

Chairman and CEO of Indies Pharma, Dr Guna Muppuri and his wife Vishnu, who serves as Co-Founder, Chief Operations Officer at Indies Pharma.

Chairman and CEO of Indies Pharma, Dr Guna Muppuri and his wife Vishnu, who serves as Co-Founder, Chief Operations Officer at Indies Pharma.

Indies Pharma Jamaica Limited says part of new funding secured will be used to develop two new drug formulations.

The funds from a new bond will also be used to develop and get approval for two Abbreviated New Drug Applications (ANDA) from the US Food and Drug Administration (USDFA).

The company disclosed this week that it has secured a private placement bond for the amount of $805 million under a five-year loan re-payment plan.

Management said the loan was secured to repay Biporist Holding the amount of $398,750,000, which was used to purchase three acres of land in Montego Bay, St James.

The land in question is registered to Indies Pharma Business Park Limited.

Indies Pharma outlined in its last report that liabilities increased by 754 per cent ($498.280 million) predominantly due to loan for the purchase of land which will be used for the construction of Indies Pharma Jamaica’s corporate office and the adoption of IFRS 16 ‘leases’ which requires the lessee to record a liability for the remaining contractual life of the lease payments.

Indies Pharma is in the business of pharmaceuticals and real estate.
 
Profit for the July quarter was made on revenues of $565.83 million, representing a decrease of 1.7 per cent or $9.98 million over the corresponding period in 2019.

For the nine months, profit was $159.48 million compared to $118.24 million in the similar period in 2019.

Management said that the company’s liquidity position remains healthy with a current ratio of 1.27:1, meaning that the company has $1.27 of current assets for every $1 of current liabilities.

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