Biotech action plan ready for kickoff.

Taipei, Sept. 22, 2009 (CENS)--The national development fund, under the Executive Yuan (the Cabinet), has passed the "guidelines for the management of biotech venture capital business," paving the way for the kickoff of the "diamond action plan for the takeoff of biotech industry," which calls for NT$60 billion of venture-capital investment in the biotech industry, said Tsai Hsung-hsiung, minister of the Cabinet-level Council for Economic Planning and Development (CEPD), yesterday (Sept. 21).

In an interview with Chinese-language Economic Daily News (EDN), sister publication of Taiwan Economic News (TEN), Tsai pointed out that the biotech action plan will started to be executed, following the approval of the management guidelines by the Executive Yuan and determination of the candidate for the chief executive officer of Taiwan Biotech Company, the prospective biotech venture capital firm which is the core of the biotech action plan.

Tsai revealed that the CEPD has pinpointed a number of candidates for the CEO of TBC, notably Jang Yueh-teh, partner of Vertical Group, a leading venture capitgal firm in medical technology and biotech in Silicon Valley. Jang, though, has remained noncommittal to the government's offer.

Another candidate is Nancy Chang, standing director of OrbiMed Advisors, a New York-based investment bank, and founder of Tanox Inc., which produces antibodies which treat asthma and human immunodeficiency virus (HIV). Chang holds a doctorate degree in biological chemistry from Harvard University.

The management guidelines, said Tsai, will serve as the basis for the TBC in the management of a venture capital fund, to be contributed by the national development fund and the private sector at a ratio of 4:6. Initially, the fund will reach NT$10 billion in scale, gradually being expanded to NT$60 billion. ((PL)) (G)