GEORGETOWN: Chakra Biotech Sdn Bhd, a company specialising in screening new drugs, plans to invest US$8mil in Penang.

Chakra Biotech is a joint venture between Malaysian Life Science Capital Fund and Malaysian Technology Dev-elopment Corp. A major stake holder in MLSCF is Burrill & Co, a US-based venture capital company.

Chakra Biotech chief executive officer Anthony Bishop said the company had allocated about US$8mil to kick off its operations in Penang.

Chakra Biotech chief executive officer Anthony Bishop said the company had allocated about US$8mil to kick off its operations in Penang.

“We have set up a 40,000 sq ft fully integrated neurobehavioral laboratory at Universiti Sains Malaysia, which should start functioning in two months. We will employ some 80 staff,” he told a press briefing attended by Chief Minister Lim Guan Eng.

Bishop said the laboratory would specialise in running tests for new drugs used for treating central nervous system disorders.

He said Chakra Biotech was currently in talks to provide drug testing services for three international pharmaceutical companies.

“The present global market for drug testing services is estimated at about US$30bil a year,” he said.

Chakra Biotech licensed its core technology from Roswell Park Cancer Institute in Buffalo, New York and is commercialising it globally from Malaysia. Progenix Research Sdn Bhd and Alpha Biologics Sdn Bhd are the other two biotechnology companies in Penang offering preclinical drug test runs.

P.S : Yippy.. more multinational Biotech firms are setting up in my hometown.. Penang, The Pearl OF Orient..~~ Wakaka