California keen on biotech ventures with Malaysia


  • Business
  • Thursday, 29 Jul 2004

THE state of California in the United States is looking to establish more working relationships with Malaysia in biotechnology, an academic said. 

Dr Donald Straney, the dean of science at the California State Polytechnic University in Pomona, said Malaysia had a wealth of natural resources which could be developed into downstream biotechnology products. 

“The future lies in having bridges in places like Malaysia, which offers vast natural resources and potential workforce,” he said at a seminar on biotechnology initiatives in Kuala Lumpur on Tuesday. 

Straney said Malaysia was spending a lot of money on biotechnology initiatives and that much could be learnt from California's experience. 

California has three biotechnology centres –in Los Angeles, San Francisco and San Diego – providing biotechnology scope in pharmaceutical, instruments, medical devices and research. 

He said biotech ventures in California mostly started from research with grants provided by the state before moving on to commercialisation aided by venture capital funding. The third phase involves initial public offerings, through which initial investors could exit their investments. 

California had 40% of the 6,250 life sciences companies, 49% of all venture capital funding, and 20% of all US life sciences patents, Straney said. 

He said, however, the success rate from university research down to commercialisation was very small, at 4%. “This is the challenge to researchers in universities to really believe in what you do, so that others will be interested in writing a cheque for you,” he added. 

He said that even with such low success rates, the growth rates of biotechnology initiatives between 1991 and 2000 had had a tremendous net impact on California's economy.  

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
   

Next In Business News

CPO futures close lower for second day
Syed Najib steps down as group CEO of Pos Malaysia
Azman Ahmad appointed OIC of FGV
Ringgit slips against greenback to end at 4.1160
New counter operating hours at EPF offices nationwide
Bursa closes broadly lower as 980 stocks in the red
Public Bank records 1Q net profit of RM1.53bil
MARC assigns stable outlook for Serba Dinamik’s RM1.5b debt papers
Moody’s changes outlook for global aviation industry to positive
Philippines joins Asean Collective Investment Schemes Framework

Stories You'll Enjoy


Vouchers