Bernama, 25 Sep 2007

First Biotech Firm Sets Up Shop At Penang Science Park

BUKIT MERTAJAM, Sept 25 (Bernama) -- Progenix Research Sdn Bhd, the first biotechnology firm to open shop at the Penang Science Park at Bukit Minyak here, will strive to draw other biotech and life sciences companies to the state.

Progenix, an independent contract research organisation which provides pre-clinical research facilities in biotechnology, pharmaceuticals, agrochemistry and related industries, was set up by Springhill Management Ltd, a biotechnology venture capital (VC) fund management firm based in Britain.

The VC fund was formed by Springhill BioVentures Sdn Bhd, whose shareholders are Khazanah Nasional Bhd, Great Eastern Life Assurance (Malaysia) Bhd, PacificMas Group and TH Group Bhd.

Springhill Management chairman Datuk Tan Kim Sze said the state government has cleared 120ha to develop the science- and biotechnology-based industry.

"The Penang Government is very committed in developing the biotechnology sector and is always ready to provide support for these companies to locate here," he told reporters after Chief Minister Tan Sri Dr Koh Tsu Koon officially opened the company Tuesday.

Tan said Progenix, which occupies a 230,000m site, has 76 laboratories and more than 200 staff who have graduated in medicine, biology and physical science.

"To ensure quality research at Progenix, all the tests conducted here must achieve the 'gold standard' according to Good Laboratory Practice (GLP) and the management will train its staff so that they meet the GLP set by the Pre-clinical Contract Research Organisation," he stressed.

Progenix chief executive officer James Cockrill credited the establishment of the first pre-clinical research laboratory in Malaysia to the far-sightedness of Springhill Bioventures' shareholders who, according to him, have invested RM60 million.

Besides the investment, he attributed Progenix's establishment to technical cooperation from the various government agencies at the state and federal levels, including the Science, Technology and Innovation Ministry, the Malaysian Biotechnology Corporation, Penang Development Corporation and its investment arm investPenang.

Koh disclosed that several biotechnology companies have expressed interest in investing in the Science Park, adding that the state government will announce the new investors at the appropriate time.

In the meantime, several manufacturers of medical equipment are already operating at the Science Park and have shown encouraging performance, he added.