VentureTECH managing director Dr Norida Abdul Rahman said the investment will be channelled to develop various medical infrastructures and acquisition of operating assets such as machinery to expand the production of CTT’s cell-based products.
She said this would help to scale up the tissue engineering company in meeting the rising demand for tissue engineering medical products.
“Cell tissue technology is our first investment of its kind in the biotechnology sector, and we are proud of the company’s pioneering role in the local tissue engineering market which we hope will translate into the industry’s rapid commercialisation, technology advancement and economic growth,” she told Bernama.
Going forward, she said the company is eyeing to invest in five more companies this year.
“VentureTECH will continue to build potential local industry leaders in niche areas of high value-added and emerging industries guided by its merit-based, performance-driven strategy, looking beyond the current practice of subscribing to financial measures to create socioeconomic multiplier, in line with the company’s impact investment philosophy,” she said.
She said VentureTECH currently has investments in 15 companies across three industries -- bio-based industry, emerging industry and green industry, and investee collective net worth of RM1.1 billion.
Meanwhile, CTT chief executive and managing director Dr Khairul Idzwan Baharin said the company has a lot of plans to leverage on its tissue engineering technology and the partnership with VentureTECH would propel the company in the right direction.
He said the company is committed to expanding its business and current ecosystems whilst remaining focus on its goal in providing solutions for the betterment of this industry via the tissue engineering technology.
“We are honoured to have earned VentureTECH’s trust and their decision to invest in a new field within the healthcare industry, namely tissue engineering and regenerative medicine, demonstrates their confidence in our capabilities,” he said.
He said since its inception in 2010, CTT has provided medical solutions based on its proprietary tissue engineering technology to treat problems such as chronic ulcers, major skin loss and severe burns.
VentureTECH, a wholly-owned subsidiary of the Malaysian Industry-Government Group for High Technology (MIGHT), is an investment company established to catalyse the growth of high value-added and high technology industries in Malaysia.