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University in Hong Kong Forms Co. to Distribute Genomic Technologies

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ONG KONG--City University of Hong Kong has formed Advanced Genomic Technologies, a biotech company that will use genomics and biochip technologies to develop diagnostic and therapeutic products for human diseases. The company’s core technologies will be DNA chips and internet-based bioinformatic resources to elucidate gene functions and provide toxicogenomics and pharmacogenomics databases for traditional Chinese medicine.

The university developed its own DNA chip technology over the past four years using a $4.5 million Industry Support Fund from the Hong Kong SAR Government Industry Department. The company has raised $50 million in seed financing, led by China International Investment here and Xieli Group of Ningbo, China.

The initial focus of the company will be in the fields of genetic disorders, infectious diseases, and cancers.

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