Brinton Pharma, which recently got DCGI approval to launch COVID-19 drug Favipiravir in India, gets ₹10 crore in debt funding

• Pune-based Brinton Pharmaceuticals has raised ₹10 crore in debt funding from BlackSoil Capital.
• Brinton was the second company to launch Favipiravir in India.
• The seven-year-old company had also swiftly shifted to manufacturing PPE kits and RT-PCR kits as the COVID-19 pandemic began.

Pune-based Brinton Pharmaceuticals has raised ₹10 crore in debt funding from BlackSoil Capital, a non-banking financial company. Brinton had recently received the nod from Drugs Controller General of India (DCGI) to launch Favipiravir 400 mg tablets under the brand name Faviton.

Favipiravir is currently being used in the treatment of patients who have mild to moderate COVID-19 symptoms. Brinton was the second company to launch the drug in India. In May, the company had also begun exporting Favipiravir to 18 countries, including Canada, Nepal, Vietnam etc. Hyderabad-based Optimus Pharma was making the drug for Brinton.

The seven-year-old company had also swiftly shifted to manufacturing PPE kits and RT-PCR kits as the COVID-19 pandemic began.

“Brinton’s prompt response to the current pandemic situation is a testament of the company’s ability to address new challenges and adapt to the situation. The funds raised will ensure that the company’s business and ethos remain strong in light of temporary macro shocks,” said Rahul Darda, Chairman and Managing Director, Brinton Pharmaceuticals, in a statement.

Its investor BlackSoil Capital said that Brinton was one of the few companies to have turned EBITDA positive and increased its revenue during the pandemic. “The company's intent is to improve its market access through its strong distribution network for which we are excited to support Brinton in such testing times and take it to its next level of growth,” said Ankur Bansal, Director, Blacksoil Capital.

SEE ALSO:

Amid India-China standoff, Tencent is back with an investment in Flipkart

RBI Governor highlights five key areas that will determine India's growth in the post-COVID world