MARKET DEVELOPMENT
BiotechCorp Awards BioNexus Status To Verdezyne
BiotechCorp Awards BioNexus Status To Verdezyne
26/09/2013 (Bernama) - The Malaysian Biotechnology Corporation (BiotechCorp) has awarded "BioNexus" status to Verdezyne, Inc with the privately-held industrial biotechnology company focused on producing renewable chemicals to make a significant investment in the planned set up of local biochemical production facility.
BiotechCorp announced Wednesday at a special ceremony during the Biotechnology International Advisory Panel meeting in San Francisco, California, witnessed by Prime Minister Datuk Seri Najib Tun Razak.
BioNexus status is awarded to qualified companies undertaking value-added biotechnology and life sciences activities in Malaysia. The award includes fiscal incentives, grants and other guarantees to assist growth.
Chief Executive Officer Datuk Dr Mohd Nazlee Kamal said Verdezyne in serving its market used 100 per cent local palm kernal oil and palm fatty acids distillate, effectively created thousands of high-paying jobs, increased raw material value by 200 per cent, stabilised crude palm oil and co-products prices and ultimately created a high-tech economy for the country.
"Conferring the status on Verdezyne and its decision in turn to invest in Malaysia is a significant development for us.
"It demonstrates Malaysia's status as a leading destination for industrial biotechnology in the region as well as the strength and stability of the Malaysian economy," he said in a statement.
Mohd Nazlee said the collaboration would open up more opportunities for the country to tap into the global chemical intermediate market.
"Verdezyne's investment in Malaysia can be viewed as a game-changer to the palm oil industry as the integration of petrochemical and palm oil industries provides value enrichment to the industry," he said.
Meanwhile, Verdezyne President and Chief Executive Officer E. William Radany said the company was honoured to receive the BioNexus status and it received a wide array of support and assistance.
"We should not be more excited about this collaboration and we are eagerly anticipating breaking ground for our first biochemical production facility in Asia, in coming months," he said.
BiotechCorp has secured major investments by CJ Cheil Jedang, Arkema, Gevo, MetEX, GlycosBio and Verdezyne with total combined investments from large companies amounting to RM5 billion.
To date, BiotechCorp has facilitated the development of 224 BioNexus-status companies in Malaysia, with total approved investments of RM2.81 billion.
BiotechCorp announced Wednesday at a special ceremony during the Biotechnology International Advisory Panel meeting in San Francisco, California, witnessed by Prime Minister Datuk Seri Najib Tun Razak.
BioNexus status is awarded to qualified companies undertaking value-added biotechnology and life sciences activities in Malaysia. The award includes fiscal incentives, grants and other guarantees to assist growth.
Chief Executive Officer Datuk Dr Mohd Nazlee Kamal said Verdezyne in serving its market used 100 per cent local palm kernal oil and palm fatty acids distillate, effectively created thousands of high-paying jobs, increased raw material value by 200 per cent, stabilised crude palm oil and co-products prices and ultimately created a high-tech economy for the country.
"Conferring the status on Verdezyne and its decision in turn to invest in Malaysia is a significant development for us.
"It demonstrates Malaysia's status as a leading destination for industrial biotechnology in the region as well as the strength and stability of the Malaysian economy," he said in a statement.
Mohd Nazlee said the collaboration would open up more opportunities for the country to tap into the global chemical intermediate market.
"Verdezyne's investment in Malaysia can be viewed as a game-changer to the palm oil industry as the integration of petrochemical and palm oil industries provides value enrichment to the industry," he said.
Meanwhile, Verdezyne President and Chief Executive Officer E. William Radany said the company was honoured to receive the BioNexus status and it received a wide array of support and assistance.
"We should not be more excited about this collaboration and we are eagerly anticipating breaking ground for our first biochemical production facility in Asia, in coming months," he said.
BiotechCorp has secured major investments by CJ Cheil Jedang, Arkema, Gevo, MetEX, GlycosBio and Verdezyne with total combined investments from large companies amounting to RM5 billion.
To date, BiotechCorp has facilitated the development of 224 BioNexus-status companies in Malaysia, with total approved investments of RM2.81 billion.