Kuala Lumpur, December 19th 2013 ~ Bioeconomy Malaysia received a further boost as Malaysian Biotechnology Corporation (BiotechCorp) announced a collaboration with Malaysian Debt Ventures (MDV) to bring about greater access to funding for BioNexus Status companies under the Intellectual Property Financing Scheme (IPFS). The IPFS was launched by the Minister of Finance II, YB Dato’ Seri Husni Hanadzlah at Shangri-La Hotel today.
BiotechCorp Chief Executive Officer Dato’ Dr. Mohd Nazlee Kamal commended the government for recognising Intellectual Property (IP) as a source of collateral for funding.
He said that the IPFS will provide excellent funding alternative for BioNexus Status companies to commercialise their products and services optimally and with the highest probability of success.
“With the creation of this fund, we expect to catalyse the growth of Malaysian bio-based companies and thereafter achieve the critical mass to generate further waves of industry creation in the future. The funds allocated will support the growth of business operations of BioNexus Status companies and other eligible bio-based companies,” commented Dato’
Nazlee at the ceremony.
Currently BiotechCorp has 229 BioNexus Status companies under its BioNexus framework with approved investments of more than RM3.2 billion. The companies have so far contributed to the filing of nearly 220 IP applications.
“MDV has been BiotechCorp’s strategic partner in promoting the growth of biotechnology through our innovative financing. This scheme will identify and facilitate BioNexus Status companies in monetising their valuable IPs to secure financing from MDV to market their products or for business expansion.” said Datuk Md Zubir Ansori Yahaya Managing Director/Chief Executive Officer of MDV.
BiotechCorp and MDV will also work together for the identification of prospective intellectual property valuers and/or consultants in implementation of the IPFS, as well as promotion, nurturing and facilitation services and assistance to BioNexus Status companies.