ID :
23051
Tue, 10/07/2008 - 10:18
Auther :
Shortlink :
http://m.oananews.org//node/23051
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12 BIONEXUS FIRMS SEE TOTAL RM28 MLN IN NET PROFIT OVER TWO YEARS
KUALA LUMPUR, Oct 7 (Bernama) -- Malaysia's biotechnology venture is
proving to bear fruits as 12 firms out of 73 BioNexus companies turned in a strong performance with a total unaudited net profit of RM28 million over a period of just two years, according to Malaysian Biotechnology Corporation (BiotechCorp).
Its chief executive officer, Iskandar Mizal Mahmood said two BioNexus
firms have been also slated for listing on the London Stock Exchange and on the
Mesdaq respectively.
"We are pretty much on track with what we had already benchmarked upon
during the launch of the National Biotechnology Policy in 2005," he told the
media after the third Biotechnology International Advisory Panel (IAP) meeting
here, Monday.
He added that biotechnology is just an enabler for Malaysia to achieve its
desired target and would help the various industries boost their production,
thus increasing their contribution to the economy.
"Countries such as Europe and United States have developed biotechnology
20-30 years before. Let's collaborate with them, because the beauty of
biotechnology is that no particular company or country in the world that can
control the entire value chain. It is all about collaboration."
"This is why we have sought the advice of the IAP members to assist us to
develop our industry and strategy in moving on," he said.
IAP member, Dr Roger Wyse of Burril & Company said the industry needs to
build a critical mass as quickly as possible to boost biotechnology, and this
includes getting more entrepreneurs to start up firms by providing them with
risk capital and ensuring a receptive financial market for their
products.
Malaysia's biotechnology industry which is valued at RM1.3 billion, is
expected to grow 22 percent yearly.
In its financial infrastructure development, the total available public
funding for biotechnology is now at RM4.7 billion with only RM1.6 billion
utilised to date.
The IAP meeting was held in conjunction with BioMalaysia 2008 that would
take place Tuesday with the theme "Strengthening Value Creation in
Biotechnology".
At the same event, BiotechCorp is expected to make some key announcements
including an important public-private sector partnership project, a significant
healthcare biotechnology transaction and a major industrial biotechnology
facility project.
-- BERNAMA
proving to bear fruits as 12 firms out of 73 BioNexus companies turned in a strong performance with a total unaudited net profit of RM28 million over a period of just two years, according to Malaysian Biotechnology Corporation (BiotechCorp).
Its chief executive officer, Iskandar Mizal Mahmood said two BioNexus
firms have been also slated for listing on the London Stock Exchange and on the
Mesdaq respectively.
"We are pretty much on track with what we had already benchmarked upon
during the launch of the National Biotechnology Policy in 2005," he told the
media after the third Biotechnology International Advisory Panel (IAP) meeting
here, Monday.
He added that biotechnology is just an enabler for Malaysia to achieve its
desired target and would help the various industries boost their production,
thus increasing their contribution to the economy.
"Countries such as Europe and United States have developed biotechnology
20-30 years before. Let's collaborate with them, because the beauty of
biotechnology is that no particular company or country in the world that can
control the entire value chain. It is all about collaboration."
"This is why we have sought the advice of the IAP members to assist us to
develop our industry and strategy in moving on," he said.
IAP member, Dr Roger Wyse of Burril & Company said the industry needs to
build a critical mass as quickly as possible to boost biotechnology, and this
includes getting more entrepreneurs to start up firms by providing them with
risk capital and ensuring a receptive financial market for their
products.
Malaysia's biotechnology industry which is valued at RM1.3 billion, is
expected to grow 22 percent yearly.
In its financial infrastructure development, the total available public
funding for biotechnology is now at RM4.7 billion with only RM1.6 billion
utilised to date.
The IAP meeting was held in conjunction with BioMalaysia 2008 that would
take place Tuesday with the theme "Strengthening Value Creation in
Biotechnology".
At the same event, BiotechCorp is expected to make some key announcements
including an important public-private sector partnership project, a significant
healthcare biotechnology transaction and a major industrial biotechnology
facility project.
-- BERNAMA
