A bio-tech start-up company using HKUST’s cutting edge scientific discoveries to produce skin care products has won a Certificate of Merit Award at the Hong Kong Awards for Industries.
Gene-vinate Limited (GVN), a member company of the University’s R & D Entrepreneurship Program, was co-founded by HKUST Associate Professor in Biochemistry Prof Raymond W K Wong and Professor Emeritus Nelson Cue.
According to the panel of judges, GVN “possesses outstanding expertise in the recombinant DNA technology and is a leader in the human epidermal growth factor (hEGF) production industry. With considerable market potential, its products encompass both medical and skin care applications and have been launched to the market at a more competitive pricing than those currently available.”
GVN is a biotechnology company engaged in the research, development, production and commercialization of biotechnological products. Founded in October 2006 by the two HKUST professors, it has developed an active ingredienthEGF using a cost-effective genetically engineered process for regenerating and rejuvenating human skin and treating hard-to-heal wounds including diabetic foot ulcers, bedsores, surgical wounds as well as other skin ailments.
For decades, access to hEGF has been impeded by its high production cost. With Prof Wong’s breakthrough technology in genetic engineering, it now takes only a tiny fraction of the original cost to convert the ingredient into affordable skin care products.
Commenting on the Award, GVN founder Prof Wong said, “This recognition is an important boostnot only to GVN as a locally based bio-technology start-up company but also to all those in biotechnology fields across Hong Kong. It shows that the local biotech industry is gaining ground and producing results to the satisfaction of our internal and external stakeholders.
“It has never been easy to keep a biotechnology company up and running. We have to overcome a lot of time, money and market pressures. Biotechnology equipment is extremely costly to acquire. And then it takes a company 10 years to arrive at a scalable and cost-effective production process and another five years to churn out a viable product.
“According to worldwide statistics, only three in 10 biotechnology companies manage to remain intact after one year of operation, the rest have to close down their business,” said Prof Wong.
With a set up of five staff members, GVN’s lines of skincare products are on sale and gaining recognition locally and on the Mainland. Currently the company is working with local healthcare organizations for the possible application of hEGF in treating diabetic foot and other skin-related problems.
Covering seven categories, the Hong Kong Awards for Industries was officially launched in 2005. Under each category one Grand Award, a number of Awards and Certificates of Merit are sent out. The Awards are coordinated by an Organizing Committee with the Director-General of Trade and Industry as the chair and leading trade and industrial associations in Hong Kong as members.
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