Biogenes inks funding agreement with MTDC, PESB
- by XM Admin
KUALA LUMPUR: Biogenes Technologies Sdn Bhd (Biogenes) is gearing up to hit its next milestone after receiving RM5.5 million in funding.
The funding was rolled out from the National Technology and Innovation Sandbox 3 (NTIS 3). RM3.3 million from the funding is from the Malaysian Technology Development Corporation (MTDC).
Additionally, the aptamer-based diagnostics kits developer received another RM 2.5 million from Series A investment under Pembangunan Ekuiti Sdn Bhd (PESB).
With these funds in its coffers, the company is on its way to upscaling its research activities and production capacity.
The funding from PESB is to help expand the company’s technology across South East Asia and to date the company has inked two collaborations that will enable its entry into the Philippines and Indonesia markets this year.
With these fundings the company’s current valuation stands at RM 125 million.
The memorandum exchange was signed between Mohammad Hazani Hassan, Chief Executive Officer (CEO) of MTDC, Tang Kok Mun, CEO of Biogenes and Shekh Jamaluddin Shekh Sarwandin, Executive Director of PESB recently.
“To date, MTDC has approved funding for 98 companies and we are proud that Biogenes is the first company to receive funds from the NTIS 3 after accomplishing NTIS 1,” said Hazani.
He added that apart from providing funding, MTDC also aims to nurture homegrown technologies by connecting them to experts and facilitating the regulation process to ease the validation stage.
“Aptamer is a synthetic antibody that is produced in a 3D environment which digitialises healthcare diagnostics. We are targeting to have the capacity to produce 10 million test kits per year by investing in medical-grade manufacturing facilities, upgrading the technology, and expanding sales outreach across South East Asia.
“Aptamer-based diagnostics will disrupt the current antibody diagnostics by enabling lower cost, stable, and more accurate diagnostic solutions,” said Tang.
He said Biogenes has a library of over 300 aptamers that cover designs for infectious diseases, cancer biomarkers, hormones, small molecules, and food.
“PESB is constantly looking for innovative companies to transform Malaysia into a high-tech nation. We have so many local talents that need support and an ecosystem to grow bigger.”
“We support Biogenes’ vision for growth potentially entering the unicorn status”, said Jamaluddin.