The Industrial Technology Research Institute (ITRI) and drug maker Taiwan Biotech Co (信東生技) yesterday announced that they have set up a joint venture to develop a new botanical drug that helps the human body to repair cardiac muscle cells.
The institute has transferred the know-how for the GHP219 drug and some personnel to the venture, Genhealth Pharma (健裕生技), with an initial working capital of NT$50 million (US$1.67 million) provided by Taiwan Biotech.
By licensing the drug, the institute would receive a downpayment of NT$10 million and a royalty of 3 percent of sales, Richard Shau (邵耀華), general director of ITRI’s biomedical technology and device research laboratories, said in a press conference yesterday.
The royalty payments will continue after the drug’s patents expire, Shau said.
Genhealth Pharma plans to launch GHP219 as a health food product within three to five years, Shau said, adding that the company plans to acquire permits for the material to be approved as a botanical drug within five to six years.
The company plans a capital increase in the middle of next year to raise its capital to NT$200 million, and the institute plans to purchase 10 to 20 percent of the company’s shares, he said.
Taiwan Biotech chairman George Ko (柯長崎) said the company aims to keep its stake in Genhealth Pharma above 50 percent.
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