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Article: Mavcap raising US$100m to back biotech ventures, BUSINESS TIMES
- Article from:
- Business Times (Malaysia)
- Article date:
- October 3, 2002
- Author:
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STATE-OWNED Malaysia Venture Capital Management Bhd (Mavcap) plans
to
raise US$100 million (US$1 = RM3.80) for biotechnology start-ups to
venture
in a big way into life sciences.
The paperwork for the exercise is almost completed, said its chief
executive, Mohd Azwar Mahmud. "We hope to raise the funds this year
itself."
He was speaking to Business Times at the sidelines of the BioMalaysia
Symposium 2002 in Kuala Lumpur yesterday.
Mavcap currently manages RM500 million allocated to it under Budget
2001. It serves as an alternative source of financing, including for
early
stage or seed funding, for new growth activities and higher risk ventures.
Azwar stressed ...