A new South African biotechnology business has been formed by Bioventures,
the specialist biotechnology venture capital fund, and the CSIR's
Bio/Chemtek business unit.
The company is Mbuyu Biotech and has been has been granted a worldwide
licence to further develop, demonstrate and commercialise three
CSIR-developed biotechnology manufacturing processes.
Bioventures CEO Heather Sherwin, says it is excited by the potential of the
initial portfolio of technologies for which Mbuyu has been granted a
licence.
The first process in the portfolio is a novel process to address the
worldwide nutraceutical demand for natural b-carotene, found in carrots,
palm oil and fruits.
The second process is the conversion of low-value Aloeresin found in the sap
of the Cape Aloe plant to high-value Aloesin, commonly used in the cosmetics
market; and the third is the development of a process for the production of
the aroma compound, I-menthol from low-value raw material.
Both nutraceuticals and bioprocessing are areas Bioventures has tagged for
investment. Negotiations between Mbuyu and the CSIR are ongoing regarding
the exploitation of seven additional CSIR biotech processing technologies.
Mbuyu will also be seeking to expand its biotechnology portfolio with
promising new biotechnologies developed at local incubators, universities,
and other research organisations.
Sherwin says Bioventures will continue to invest in organisations that have
a competitive advantage as a result of the Intellectual Property (IP) that
resides within the organisation.
"Mbuyu represents Bioventures' first investment in a company from its
inception and our initial cash injection of R2-million is aligned with our
strategy of investing in a range of companies across different sectors and
at different generations of biotechnology ", she says.
Bioventures and the CSIR each hold an equal number of shares in the total
issued share capital of the company with both groups having two directors on
the Mbuyu board.
A non-executive, independent chairperson, Joyce Matlala, from the
Development Bank of South Africa has been appointed.
A CEO for Mbuyu will be appointed before the end of the year.
Publisher: Eng News
Source: Engineering News
CSIR spins-off commercial biotech business.
Posted On Friday, 11 July 2003 02:00 Published by eProperty News
A new South African biotechnology business has been formed by Bioventures, the specialist biotechnology venture capital fund, and the CSIR's Bio/Chemtek business unit.
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