AITventures - AITbiotech

AITbiotech Pte Ltd
89, Science Park Drive, #01-08, Singapore 118261
T. (65) 6778 6822 F. (65) 6778 2962
AITbiotech Singapore Press Release, 6th March 2014
AITbiotech initiates and sets up a new division to commercialise life
sciences and diagnostic technologies in Singapore with S$5.0 million
budget for next 3 years.
Singapore, 6th March 2014: AITbiotech, a leading Asian Molecular Diagnostic (MDx)
assay manufacturer and Genomic Services provider based in Singapore announced
that it will invest close to S$5.0 million in commercialising life sciences and diagnostic
technologies for the next 3 years. It has set up a new business division, AITventures, to
manage this new strategic direction.
AITventures has secured a grant of approximately S$3.0 million from SPRING
Singapore; a government agency in Singapore that promotes business development
and Singapore enterprises. The grant was awarded under SPRING's Private Sector
Translator Scheme (PST). AITbiotech will invest about S$2 million in addition to the
grant from SPRING Singapore.
AITventures will be sourcing for promising life sciences and diagnostic technologies
from Singapore as well as global private and public institutions to be licensed for
commercialisation out of Singapore. It will focus on diagnostic technologies that have
comparative advantage in Asian developing markets. Start-ups funded and seeded by
AITventures will be able to secure further competitive grants as well as investment
funding from Singapore agencies.
Nurturing and assisting local healthcare SMEs and startups will be another central role
for AITventures. Building on in-house capabilities and a global network of consultants,
AITventures will be able to provide commercialisation services to public institutions as
well as start-ups in the areas of diagnostic technologies commercialisation including
prototyping, clinical trials, product and process development, manufacturing and
regulatory compliance.
According to AITbiotech CEO Alex Thian; "Moving into commercialisation services and
incubation is a natural expansion for AITbiotech. AITbiotech fills a market need in Asia
where investment experience and commercialisation expertise are lacking. We are
also confident of success as AITbiotech has a very experience team as well as a
business network in Asia to ensure medtech start-ups including incubatees' products
and services reach markets quickly. With the grant from SPRING Singapore we will be
able to build a more experience team and expand faster"
In Jan 2014, AITventures seeded the first start-up; Phoenix Molecular, which is
developing a disposable DNA amplification card and handheld reader. Eric Wilkinson,
CEO of Phoenix Molecular said, "We are very pleased to become a part of the growth
and development of the biotech sector in Singapore. We are particularly grateful to
www.aitbiotech.com
AITbiotech Pte Ltd
89, Science Park Drive, #01-08, Singapore 118261
T. (65) 6778 6822 F. (65) 6778 2962
AITbiotech for their support and incubation of our venture. Financial support is only
one piece of the success of a startup biotech company. Equally important is the
experience and expertise of our partners. AITbiotech provides both."
AITventures plans to seed another 4 to 6 start-ups in the next 3 years. Currently, it
has already secured several life sciences and diagnostic start-ups as customers for
commercialisation services.
About AITbiotech
AITbiotech is a leading Genomic Services and MDx company based in Singapore.
Founded by Alex Thian in 2008, it has a core molecular services and R&D laboratory in
Singapore managed by a team of experienced biotechnologists. It provides a
complete suite of Genomic Services including Oligonucleotides Synthesis, Capillary
Sequencing, Next-generation Sequencing Services, Bioinformatics Services, PCR and
Plasmic Prep Services, MDx PCR Assays and kits to the research, healthcare and
biomedical industries in Singapore and Asia. AITbiotech is also an ISO 13485 certified
company which manufactures and distributes its own line of real-time PCR pathogen
detection assays branded as abTES™ in the Asian and European markets. AITbiotech
also distributes life science instrument kits and reagents including the full range of
Eppendorf products.
For more information, please visit our website:
http://www.aitbiotech.com.
About Phoenix Molecular
Phoenix Molecular is a molecular diagnostics company who is developing an
inexpensive hand-held reader and disposable PCR system on a card. The company
aims to develop a low-cost, rapid and enabling point-of-care testing system that is
able to be used in the field as well as decentralized testing within the hospital or
clinical setting. This platform can be utilized in industrial, military, animal and human
healthcare and will cost a fraction of current technologies and products currently
used.
Contact:
Joseph Lee
Commercialisation Director
AITbiotech Pte Ltd
+65 67786822
[email protected]
www.aitbiotech.com

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