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The Hong Kong Science and Technology Parks Corporation (HKSTP) announced a successful strategic financing round for a partnering tech company. This significant investment will provide a major boost to the tech firm’s Phase II clinical development of Platelet-derived Growth Factor (PDGF) projects for treating burn injuries and diabetic foot conditions. In addition, it will facilitate the research and development (R&D) of other groundbreaking Topical Platelet-derived Growth Factor Gel (TPG) projects. This strategic move is set to foster the expansion of Hong Kong’s thriving biotech innovation ecosystem.
In May 2023, the tech firm took a significant step forward by establishing a strategic R&D lab at Hong Kong Science Park. This lab is dedicated to pioneering advancements in the field of recombinant protein drugs, nucleic acid drugs, and drug delivery systems.
The firm is at the forefront of innovation in PDGF, a vital growth factor responsible for regulating cell growth and differentiation. The potential therapeutic applications of PDGF are immense, with its ability to promote tissue healing and regeneration, making it valuable for treating conditions like corneal injuries and pressure sores. Through its focus on groundbreaking research, the tech firm continues to solidify its position as a leading force in the realm of biotech and pharmaceutical advancements.
The Head of the Institute for Translational Research at HKSTP expressed congratulations to the tech firm for securing this substantial investment and reaching a significant milestone with the establishment of its R&D Lab at Science Park. These achievements mark crucial steps in the tech firm’s global business expansion and align perfectly with HKSTP’s vision of fostering a vibrant biotech innovation ecosystem. Moreover, this progress will enhance the long-term growth of the biomedical technology (BMT) sector in Hong Kong and the Greater Bay Area.
The General Manager of the tech firm expressed great delight in the Chinese state-owned enterprise joining as one of their strategic shareholders. This new partnership is expected to enhance their research capabilities substantially and fuel their global business ambitions, which are centred around their Science Park R&D base.
With the backing of this investment and continued support from valued partners like HKSTP, they have ambitious plans to expand their product development of Topical Platelet-derived Growth Factor Gel (TPG) to various medical fields, including orthopaedics, ophthalmology, dentistry, and beyond.
The acknowledgement of the tech firm’s PDGF and TPG projects supported by the Chinese state-owned enterprise stands as a testament to the immense potential of the company, which has been recognised and appreciated by HKSTP. In May, the opening of its subsidiary laboratory at the Hong Kong Science Park was graced by distinguished individuals, including the Secretary for Innovation and Technology of the Hong Kong Special Administrative Region Government, the Vice President of the Hong Kong University of Science and Technology, and representatives from the Office for Attracting Strategic Enterprises and Invest Hong Kong. The event marked a significant milestone for the tech firm’s research endeavours and reinforced its position as a noteworthy player in the biotech industry.
The partnership represents a significant boost to the biomedical technology ecosystem at HKSTP and reinforces Hong Kong’s standing as a leading global hub for biotech innovation. With a thriving community of over 220 biotech companies already operating within HKSTP, the addition of the tech firm’s HK R&D lab alongside other exceptional biotech entities showcases the unparalleled advantages of Hong Kong’s innovation and technology sector.
This collaboration is compelling evidence of the city’s remarkable capability for swiftly translating biomedical technologies into tangible advantages for society and business. The collective efforts of these pioneering companies contribute to the continuous growth and advancement of Hong Kong’s biotech landscape on the international stage.
