Malaysian Reserve, June 12, 2008
BiotechCorp expects to
acquire 3 tech platforms
MALAYSIAN Biotechnology Corp (BiotechCorp) plans to
acquire three technology platforms to expedite
development of the local biotechnology industry, CEO
Datuk Iskandar Mizal Mahmood said yesterday.
Speaking to reporters after releasing BiotechCorp’s
inaugural annual report for 2007, Iskandar said the
company was currently conducting a due diligence
study and hoped to conclude the acquisitions within
the third or final quarter of this year.
He said RM51 million had been allocated for the
acquisitions, adding that BiotechCorp used RM3
million for its first acquisition of a worldwide
licence for a nanotechnology platform from France in
November 2007.
Iskandar said the new technology platforms would
focus on three areas – agricultural biotechnology,
industrial biotechnology, and healthcare
biotechnology.
BiotechCorp, funded by the government, was
established to ensure that the national
biotechnology objectives and strategies were fully
deployed.
Currently, there are 56 BioNexus status companies,
of which 23 are in healthcare biotechnology, 17 in
agriculture biotechnology, 14 in industrial
biotechnology and two in bioinformatics.
According to BiotechCorp, the total investment to
date from the 56 companies is RM1.3 billion.
On the annual report, Iskandar said grants amounting
to RM6.25 million had been approved for four
BioNexus companies in 2007, with 14 more
applications for grants amounting to RM33 million
awaiting approval.
“BiotechCorp’s initiatives are in line with the
National Biotechnology Policy and master plan
launched in 2005. We are always prudent in our
spending and exercise due diligence when drafting
the annual business plan as well as the budget,” he
said.
“This was evident in 2007 when BiotechCorp reduced
its operating expenses by RM8 million. We broke even
in our operating budget,” he added.
BiotechCorp’s operating profit was RM377, 176 in
2007, compared to a loss of RM24.61 million the
previous year. Net profit amounted to RM360, 877
from a previous net loss of RM24.63 million. –
Bernama |
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