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- HKSTP Park Company Beijing Huarene Biotechnology Secures Strategic Investment in Major Boost to Hong Kong’s Biotech Innovation Ecosystem
New funding to bolster Beijing Huarene’s PDGF products clinical trial, new TPG products R&D, and recently-launched research facility at Science Park to grow the HK-GBA biotech sector
(Hong Kong, 20 July 2023) – Hong Kong Science and Technology Parks Corporation (HKSTP) is excited to announce the successful strategic financing for Park company Beijing Huarene Biotechnology Co., Ltd. (Beijing Huarene) with Qingdao High-tech Industrial Development Co., Ltd., a prominent Chinese state-owned enterprise. This substantial investment will accelerate the Phase II clinical development of Beijing Huarene's Platelet-derived Growth Factor (PDGF) projects for burn injuries, diabetic foot and the research and development (R&D) of other Topical Platelet-derived growth factor Gel (TPG) projects, further fuelling the growth of Hong Kong's biotech innovation ecosystem.
Chinese biotech Beijing Huarene recently established a strategic R&D lab at Hong Kong Science Park in May, with a focus on groundbreaking innovations in recombinant protein drugs, nucleic acid drugs, and drug delivery systems. Beijing Huarene is a leading innovator in the field of PDGF, a crucial growth factor that regulates cell growth and differentiation. PDGF's potential therapeutic applications include the treatment of diseases through promoting tissue healing and regeneration such as corneal injury and pressure sores.
Dr Grace Lau, Head of Institute for Translational Research, HKSTP, said: “HKSTP congratulates Beijing Huarene on this major investment and the recent landmark moment of establishing its R&D Lab at Science Park. These are significant milestones in Beijing Huarene's global business development and boost the HKSTP vision to create a thriving biotech innovation ecosystem, while further strengthen the long-term growth of the biomedical technology (BMT) sector in Hong Kong and the Greater Bay Area.”
Dr Zhai Junhui, General Manager of Beijing Huarene Biotechnology, said: “We are delighted to welcome Qingdao High-tech Industrial Development Co., Ltd. as one of our strategic shareholders and will significantly grow our research capability and global business ambitions that are being driven from our Science Park R&D base. With this investment and ongoing support from partners like HKSTP, we aim to expand our TPG product development to orthopaedics, ophthalmology, dentistry, and other fields.”
The recognition of Beijing Huarene’s PDGF and TPG projects by Qingdao High-tech Industrial Development Co., Ltd. is a testament to the company’s enormous potential which has been recognised by HKSTP. In May, the opening of its Hong Kong subsidiary laboratory within the Science Park was attended by high-profile individuals, including Professor Sun Dong, Secretary for Innovation and Technology of the Hong Kong Special Administrative Region Government, Professor Wang Yang, 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 partnership between Beijing Huarene and Qingdao High-tech Industrial Development Co., Ltd. strengthens the biomedical technology ecosystem in HKSTP and solidifies Hong Kong's position as a global hub for biotech innovation. With over 220 biotech companies operating within HKSTP, the establishment of Beijing Huarene's HK R&D lab, alongside other outstanding biotech companies, demonstrates the unique advantages of Hong Kong's innovation and technology sector and is further proof of the city’s unique ability for rapid translation of biomedical technologies into tangible benefits for society and business.
Photo 1: In May, the opening of its Hong Kong subsidiary laboratory within the Science Park was attended by high-profile individuals. From left to right: Mr Alfred Zhang, Acting President of Hong Kong Association of Overseas-Returned Scholars Limited; Professor Yang Wang, Vice-President for Institutional Advancement of The Hong Kong University of Science and Technology; Professor Sun Dong, Secretary for Innovation and Technology of the Hong Kong Special Administrative Region Government; Mr KeLong Wang, President of Beijing Bio-Bank Corporation; Mr David Li, Chairman of VSTECS Holdings Limited.