Probiotics producer makes grade at science park

Three years after becoming a tenant at Hong Kong Science Park, startup Biomedical Technology Holdings has commercialized its probiotic products and is exploring opportunities offshore.

The company provides biomedical tests for gut microbiomes and produces probiotics.

CEO Vincent Tsang Chi-hin said they applied to use a laboratory at the high-technology-geared park, located on the Tolo Harbour waterfront, in 2018 and was allocated a well-equipped, 700-square-foot (65-square-meter) facility.

"Two months after that, we applied for another subsidy from the Research Tenant Hub funded by the Innovation and Technology Fund," he said. The fund is administered by the Innovation and Technology Commission.

The hub provides incubatees and innovation and technology tenants of the science park and Cyberport with funds to help recruit researchers. The maximum monthly allowance is HK$18,000 for professionals with a bachelor's degree, HK$21,000 for those with a master's, and HK$32,000 for holders of a doctorate.

"We recruited two PhDs and two with MSCs under the program. The company grew. We later applied to the LEAP (Leading Enterprises Acceleration Program) and were chosen in July that year."

"As part of the commitment to Biomed Technology, Hong Kong Science Park took an option of HK$4.8 million ($616,300) under which the park helps us with marketing, legal and even rental matters. In exercising the option, the park would become a shareholder of Biomed Technology. If we were to go public, they would exercise that option," Tsang said.

"We've created a TV commercial and an MTR ad. An account manager helps us to analyze issues such as marketing and finance. As we intend to rebrand our product, we found a consultant with the costs covered by Science Park."

The company's products were commercialized last year with nine items.

They're now available at 260 Mannings outlets.

Biomed Technology also set up a joint venture business-to-business with a Thai company last year — a doctors' network — and plans to tap the vast mainland market. A planned foray into Malaysia and Singapore has been postponed until next year.