Nerdy Science Blog

Chakra Biotech Sdn. Bhd. is a joint venture between Malaysian Life Science Capital Fund and Malaysian Technology Dev-elopment Corp.  Chakra Biotech announced it is investing US$8 million in Penang to set up a 40,000 sq ft neurobehavioral laboratory at Universiti Sains Malaysia.  The new laboratory will be started off in two months and test the new drugs for treating central nervous system disorders.  The company chief executive officer Anthony Bishop said 80 staff will be employed.  Anthony Bishop said that the present global drug testing service market is about $30 billion a year.

Chakra Biotech’s preclinical drug screening technology was licensed from Roswell Park Cancer Institute, Buffalo, New York, and it will operate and commercialize from Malaysia.  Malaysian Life Science Capital Fund’s major stake holder is a US-based venture capital company, Burrill & Co.  There are two other biotechnology companies in Penang also offer preclinical drug test runs, which are Progenix Research Sdn Bhd and Alpha Biologics Sdn Bhd.

(news)