The investment will be channelled to developing various medical infrastructures and purchasing operating assets
By S BIRRUNTHA / Pic By cell-tissue.com
VENTURETECH Sdn Bhd has invested in Cell Tissue Technology Sdn Bhd (CTT) to help scale up the tissue engineering company in meeting the rising demand in tissue engineering medical products.
Its investment in Malaysia’s first tissue engineering company was guided by its objective to develop an iconic local company, while generating impactful social economic multiplier and benefits.
VentureTECH MD Dr Norida Abdul Rahman believes a synergistic approach with CTT will be able to address some of the existing commercialisation challenges, specifically in the tissue engineering discipline.
“The total addressable market is large with 10 local players operating in this space, conducting advanced medical technology as their core business.
“CTT 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 said in a statement last week.
The investment by VentureTECH will be channelled to developing various medical infrastructures and purchasing operating assets, such as machinery, to aggressively expand the production of CTT’s cell-based products.
Malaysia Technology Development Corp provided the initial seed capital to CTT in its early stage of commercialisation.
The company now hopes to position tissue engineering in its rightful place within the medicine sphere.
CTT CEO and MD Dr Khairul Idzwan Baharin said the company is committed to expanding the business and current ecosystems, while remaining focused on its main goal of providing solutions for the betterment of the society through its tissue engineering technology.
“We have a lot of plans in our pipeline and this partnership will help propel our company in the right direction.
“We are honoured to have earned VentureTECH’s trust and their decision to invest in a new field within the healthcare industry, tissue engineering and regenerative medicine demonstrates their confidence in our capabilities,” he said.
Tissue engineering is a growing interdisciplinary field of research in Malaysia, which is focused on the development of vital autologous tissue to repair damaged or diseased tissues and organs.
Since its inception in 2010, CTT’s target is to provide ingenious answers to medical problems based on its proprietary tissue engineering technology to treat problems such as chronic ulcers, major skin loss and severe burns, among others.
Having gone through years of research and development in Universiti Kebangsaan Malaysia, the company’s core product, MyDerm, is recognised as the first autologous bilayered human skin substitute in Malaysia and the world.