MUMBAI, India, March 4, 2013 /PRNewswire/ -- Groupe Athena, Inc. (OTCPink:GATA) announced today they have entered into a multiyear contract with Eskayef Bangladesh LTD., a leading Indian pharmaceutical manufacturer. Under the terms of the agreement Groupe Athena will assist Eskayef in obtaining FDA approval for their Bangladesh manufacturing facility during the first stage, and assist with U.S approval of individual drugs in subsequent stages of the agreement. The contract could result in a 20% increase to annual revenues beginning fiscal 2014.
Mr. M. Motiar Rehman, General Manager of Eskayef stated the following with regard to the agreement: "We are very pleased to enter into an agreement with Groupe Athena, Inc. for getting our facilities approved by the FDA. We are excited by the prospect of entering the U.S. market and want to focus more resources in the United States once we get our facilities approved. We are hoping for a long and fruitful partnership with Groupe Athena Inc., in fulfilling this objective."
Groupe Athena Chairman, D. Purohit stated, "We are extremely proud to be able to align ourselves with such a dynamic company as Eskayef Bangladesh. Once the facilities are approved by the FDA, Eskayef is planning to become a contract manufacturer and Groupe Athena will be assisting Eskayef in getting their drugs approved and identifying suitable partners in the United States".
The Indian pharmaceutical industry has grown dramatically and was estimated to be over $21 Billion in 2010 with continued double digit annual growth expected through this decade. GATA has emerged as a vital component to this growth by its ability to help Indian manufacturers get their products approved by the FDA for sales in the US.
The Company believes it has an advantage over competitors due to their facilities being based in India, and their ability to deliver quick feedback to clients that could result in expedited order generation. With recent additions to equipment and the purchase of their new testing facility, the company will continue to take on additional contracts and continue to anticipate further growth.
The company is progressing with plans to apply for listing on the NASDAQ Bulletin Board quotation system after the completion of the audit for this fiscal year ending June 30, 2013.
About Groupe Athena, Inc.
Groupe Athena Inc. was incorporated in June 2008 and began operations on July 1 of that year. The company is a research and testing organization and helps various pharmaceutical and medical products and devices companies in India and Southeast Asia to get regulatory approvals and facilitate exports of their products to the United States. The Company accomplishes this by assisting clients from concept through development, providing consultation on regulatory requirements, filings and processes.
The company has a research and marketing facility in India that currently employs 17 consultants and marketing personnel and is working towards aggressively expanding its presence in the Indian pharmaceutical industry. The Company's web address is www.groupeathena.com
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SOURCE Groupe Athena, Inc.