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World Bank Branch to Invest $6.5M in Ocimum Biosolutions; Cash Will Fund CRO

NEW YORK (GenomeWeb News) - Ocimum Biosolutions, an Indian bioinformatics company offering microarray services and contract research services, today said a private branch of the World Bank will invest $6.5 million of equity in the company.
 
Iyad Malas, International Finance Corporation Director for South Asia, said the funds would be used to “establish an internationally competitive contract research outsourcing company and promote the discovery of new drugs.” He said it would also help the company institute better governance standards.
 
Ocimum said its US operations will continue to focus on bio-molecular contract research services and its Indian operations will continue to offer bioinformatics services.

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