REYKJAVIK, Iceland and KOLHAPUR, India, September 1, 2010 /PRNewswire/ -- The Indian company DM Corporation and ORF Genetics of Iceland are to collaborate on the development, production and marketing of protein drugs. Mr. Dilip Mohite, Chairman and Managing Director of DM Corporation and Björn Örvar, CEO of ORF Genetics, signed an MOU to this effect today, in the presence of Mrs. Preneet Kaur, the Indian Minister of State for External Affairs and Mr. Össur Skarphédinsson, Foreign Minister of Iceland.
(Photo: http://www.newscom.com/cgi-bin/prnh/20100901/406862 )
The MOU states that the companies will form a joint venture to develop and market human recombinant therapeutic proteins and biosimilars. DM Corporation will bring to the collaboration expertise in management of pre-clinical research, clinical development and marketing. ORF Genetics will supply its expertise in plant genetics and protein biochemistry, including its proprietary Orfeus(TM) protein production system in genetically modified barley. The Orfeus (TM) platform was developed to produce high-quality recombinant proteins on a large scale, bypassing production in E. coli, yeast or mammalian cells.
In India there is a large, developed and growing market for pharmaceuticals and great expertise on preclinical and clinical work. Biopharma is a fast growing sector of the pharmaceutical industry and joining forces with ORF Genetics, enables us to make a joint, strong foray into this exciting field, said Mr. Dilip Mohite, chairman and managing director of DM Corporation.
We are very pleased to be teaming up with DM Corporation on this project. Our portfolio of biorisk-free ISOkine(TM) growth factors and cytokines is already used in various types of medical research around the world. Working with this qualified partner in India represents a great opportunity for us to expand and modify our unique Orfeus system for the production of protein drugs, said Björn Örvar, CEO of ORF Genetics.
About DM Corporation
DM Corporation is a company based in Kolhapur, India. The company is one of the highest rated companies by the state and is the preferred company in the infrastructure development segment. It has also created a place in the power generation business and now intends to expand its portfolio further - predominantly in Life Sciences Healthcare sector and Education. DM Corporation has a clear understanding that all these areas are knowledge and technology driven and can develop new ways of working and new products - which in turn would help consolidate the company's position in existing markets and to grow in new ones.
About ORF Genetics
ORF Genetics Ltd. is a privately owned company established in 2001 in Iceland. It is committed to economically viable and enabling solutions for the production of recombinant proteins, such as growth factors and cytokines, using its proprietary Orfeus(TM) expression system. The company caters to the medical research community and the cell culture media and diagnostics market with its products. ORF Genetics received the Icelandic Innovation Award in 2008.
SOURCE: ORF Genetics and DM Corporation
CONTACT: CONTACTS: Eirikur Sigurdsson, eirikur.sigurdsson@orfgenetics.com,+354-591-1578 / +354-821-1578; Dr. Ravi Rayanade, info@dminfra.com,+91-231-2669991, Fax : +91-231-265323
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