Industrial Technology Research Institute (ITRI) Release: The World''s Influential Biotech Delegation Gathering in BioBusiness Asia 2011

TAIPEI, TAIWAN--(Marketwire - July 19, 2011) -

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BioBusiness Asia 2011, a two-day forum, opens today (July 19). The forum, sponsored by Industrial Technology Research Institute (ITRI) of Taiwan, is one of the most important biotech information platforms in Asia, devoted to the exchange of biotechnology business opportunities. The theme of this year's forum is the New Asian Paradigm for creating biotechnology businesses.

More than 300 venture capitalists, biotechnology experts in the medical science and pharmaceutical professionals take part in this event. The participants include Mr. Steve Burrill, known as the "The Warren Buffett of Biotechnology Venture Capitalist," Dr. Frank Kung, co-founder of Vivo Ventures and candidate of Taiwan Medtech Fund (TMF), and other heavyweight professionals in the biotechnology industry.

In anticipation of becoming a major player in the biotechnology boom and move aggressively into this field, Hong Kong, for the first time, sends a delegation to this event. Moreover, the organizer arranged 16 world-class biotechnology companies and hundreds of local manufacturers to hold "one-on-one matching meetings" to forge cooperation ties, which underline Taiwan's increasingly important role in the development of the biotechnology industry in Asia.

Dr. Cyrus C.Y. Chu, Minister without Portfolio of Executive Yuan, said, "The BioBusiness Asia Conference has been acknowledged as one of annual vibrant biotech events across the Asia-Pacific region. This year's conference carries the theme 'New Asian Paradigm.' Taiwan will absolutely play one of the key roles in driving the Asian biomedical industry as a gateway to the Chinese market. Besides, Taiwan's 'Biotechnology Take Off Diamond Action Plan' is continuously growing. It is composed of four parts, including translational research in pharmaceuticals and medical device, Taiwan Food and Drug Administration (TFDA) establishment, Biotech Venture Capital Fund (BVC) establishment, and Supra Incubation Center (SIC) establishment. With tremendous efforts and strict review, the first case sponsored by BVC fund was approved this May. It is called Taiwan Medtech Fund (TMF) and will be focused on medical device product investment. In addition to the excitement on BVC progress, recently Dr. Whaijien Soo has agreed to return to Taiwan to master Supra Incubation Center. He has been with Roche for 18 years and then served as a Senior Vice President at BiogenIdec. Undoubtedly, his previous experience in large M&A deals in the pharmaceutical industry can help facilitate Taiwan's biomedical industry development."

Dr. Johnsee Lee, honorary chairman of BBA, points out that the forum, under the sponsorship by Taiwan, has become one of the few global biotechnology forums held particularly for Asian countries. As the event goes on its 10th year, its success has been widely recognized, prompting international biotechnology companies to cooperate with Taiwan companies and encouraging global venture capital firms to make investments in Taiwan's future biotechnology star performers. He said the Taiwan government approved the establishment of a biotechnology venture capital this year, highlighting the great support from the government. A new record of this year's event is that the speakers outnumber that of the past records, with speakers from the U.S., Japan, China, Hong Kong, and India. The fact shows all the countries in the Asia and Pacific region recognize the importance of the annual event.

Dr. Yio-Wha Shau, general director of Biomedical Technology and Device Research Laboratories of ITRI, points out that after Taiwan and China signed the Economic Cooperation Framework Agreement (ECFA), international biotechnology companies envision favorably the potential opportunities of building up cooperation ties with Taiwan companies in order to develop the market in China. Thus, the organizer invited Dr. Frank Kung, co-founder of Vivo Ventures and candidate of Biotechnology Venture Capital (BVC) to preside over the session with a focus to achieve three-win results through partnership of the U.S., China and Taiwan. "Taiwan must form alliance with its partners throughout the world in order to create synergy and integrate resources to achieve common growth," Shau said. BBA provides the best platform for international partnership.

The participants of the event will discuss the business opportunities and challenges for the medical instrument industry. In addition to the forum, the event features a "one-on-one matching meetings" to be held on the 20th of July. Sixteen international pharmaceutical, medical instruments, and new drug manufacturers will meet with more than 100 local and overseas companies to discuss the most updated technology and products on a "one-on-one" basis. Another first of this year's forum is the participation of a biotechnology delegation from Hong Kong, which makes this year's event more diversified. As an added feature of this year's event, the organizer retains two law firms specializing in legal services for biotechnology firms. They will provide services for companies which will be involved in "one-on-one" business talks. Many startup firms expect to build up cooperation deals with venture capital firms such as Burill & Company and Vivo Venture.