24th November 2011 –
Malaysian Biotechnology Corp (BiotechCorp) Sdn Bhd will provide a Bio-Technology Venture Fund worth US$100mil (RM317.63mil) to boost the country’s biotech industry.
Its chief executive officer, Datuk Dr Mohd Nazlee Kamal, said the fund was jointly administered by Intrasys Sdn Bhd and Exoreus Sdn Bhd, with BiotechCorp as corporate advisor.
The fund is available next year and can be tapped by biotech companies operating in Malaysia.
“The issue that we are grappling with investments in biotech is that no venture capital companies really have the expertise to do due diligence process for biotech companies,” he told a press conference on the last day of the BioMalaysia 2011 and 2011 Pacific Rim Summit yesterday.
“We need to make sure that the financial component would be tackled so that those companies with good technology are given a chance to drive forward and be a global player.”
Meanwhile, Nazlee said BiotechCorp was also looking for investments from foreign companies to invest in green chemical production in Malaysia.
Originally published in The Star Online