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| Exchange Disseminated Time | Venus Remedies Ltd has informed BSE that Venus Remedies Ltd wins Gold Medal for TROIS under DST - Lockheed Martin India Innovation Growth Program 2011.
Announcement :
"The Company has been awarded Gold Medal in DST-Lockheed Martin India Innovation Growth Program - 2011, for one of its Integrated Medicinal research product TROIS. The program is conducted in association with Department of Science and Technology. Govt. of India, Lockheed Martin Corporation, Indo-U.S. Science and Technology forum, FICCI and IC2 institute (The University of Texas in Austin). This is a reputed forum to assist Indian innovators to commercialize their technologies across globe.
The Gold Medal was awarded to the Company in an award ceremony at FICCI, New Delhi by Dr. Ray Johnson, Senior Vice President & Chief Technology Officer, Lockheed Martin Corporation and Dr. T. Ramasami, Secretary to the Government. of India, Department of Science and Technology, Government of India Secretary Science and Technology Government of India. More than 1000 technologies took part in this program this year and after thorough screening on various parameters like novelty, innovativeness, technical strength, need addressed by technology, commercialization potential 'TROIS', an Arthritic topical application drug, was chosen tote among the 30 winners from different streams.
This nano technology based product TROIS, has many advantages as it has got 178 per cent faster penetration that leads to quick onset of action resulting in enhanced bioavailability, reduction in pain and inflammation associated with Arthritis, increased efficacy, lengthened period of efficacy and increased free radical scavenging activity and will enable millions of elderly people suffering from arthritis to lead a normal and pain- free life.
This technology is fully developed and patent for this technology has already been flied, and grants are expected soon. A pilot clinical study to evaluate the efficacy and safety of product in patients with muscular pains has been completed on 60 patients. Another double blind trial on 300 patients in Osteoarthritis is in process. Venus is planning to launch this product in Indian market in second half of 2011.
According to a survey, nearly 70 per cent of people above 65 years of age are suffering from arthritis in India and it would become the biggest epidemic of the country by 2013. The
rheumatoid arthritis drug market in India will be more than double by 2013, growing from $296 million in 2003 to $672 million in 2013.
Arthritis is one of the most chronic health problems in the world and one of the USA most common causes of disability. An estimated 46 million adults in the United States who have arthritis and related condition could benefit from Trois.
About 1 per cent of the world’s population has Rheumatoid Arthritis Its market is expected to exceed $23.12 Billion by 2015 Approximately 350 million people worldwide have arthritis. Over 40 million people in the United States are affected by arthritis including over 250,000 children. Although any age can be affected but onset typically occurs between the ages of 40 and 50. Women are three times more likely to suffer from Rheumatoid Arthritis than men. FICCI and
IC2 will assist Venus in taking this product to different regulated markets.
Last year, Venus won Gold medal for Novel Formulation of Wound Healing, which is used for the treatment of minor to major chronic non healing wounds include rig Diabetic Foot Ulcer, Burns and Bedsores." |
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