Bioneemtec India has filed for a patent and is looking to raise funds for further research.
Chennai-based startup Bioneemtec India is developing a compound that will control replication of the novel coronavirus. This may help eliminate the virus from an individual's body.
The company conducted computer-based molecular docking tests and intends to carry them out at a laboratory in the US, the Business Standard reported.
Magendran Balachary, an adviser of Bioneemtec India, told the paper that the data from the preliminary study indicated that the compound is active against COVID-19
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Moneycontrol could not independently verify the story.
"We have to develop around 30-50 compounds and screen through wet lab analyses to take it forward," Balachary told the Business Standard.
Balachary added that the company had filed for a patent in India and was looking to raise funds for further research.
Bioneemtec India expects to launch the compound in the market in three years, the report added.
The company has from the Centre's Department of Biotechnology, the report added. Bioneemtec India might approach a pharmaceutical major once the compound reaches the clinical trial stage.
So far, there are no known medicines or vaccines to cure or prevent COVID-19.
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