Suven Life to raise 20 mn to fund trails

8220;We are looking to enter the second phase of trials by 2011 for which we will require about USD 20 million,8221; Suven Life Sciences Chairman and CEO Venkat Jasti said.

The company is looking at issuing convertible bonds which could include FCCBs with a tenure of about 3-5 years to raise the requisite fund.

8220;We expect success of the clinical trials in the next 30 months and that should give us funds for our further activities,8221; he added.

He said that over and above USD 20 million required for the research of the 8216;5028217; molecule,the company may need another USD 30 million to fund its various programmes.

8220;For the next level of funding,we are counting on the success of 8216;5028217; molecule. If not then also,we expect success on collaborative efforts with big pharma companies from where we expect milestone payments,8221; Jasti said.

Suven currently has a collaborative efforts with US-based Eli Lily,he said,adding the company is in talks with two other major pharmaceutical companies for collaborative research.

8220;We hope to establish on more partnership before the end of this year,8221; he said,without disclosing details.

The company which clocked a revenue of Rs 130 crore last fiscal,is expecting 15-20 per cent growth this year,he said.