MoST-Sponsored Delegation Achieves Success at BIO International Convention: Pharmasaga Beats Global Teams to Reach Startup Finals
[translated from Chinese]
Health Medical News/Reporter 林怡亭, Friday, June 10, 2022, 9:00 AM
【Health Medical News/Reporter Lin Yiting reports】As the post-pandemic era unfolds, the biomedical industry has become a strategic focus area for Taiwan's government and a key driver for the country's next wave of growth. To further connect with the international community and seize business opportunities, Wu Tsung-Tsong, Deputy Convener of the Executive Yuan's Board of Science and Technology, led a Taiwanese delegation to participate in the BIO International Convention (US BIO), held in San Diego, USA, from June 13th to 16th this year (2022). The delegation also featured 14 startup teams specialized in new drugs, digital healthcare, medical devices, and in-vitro diagnostics, all sponsored by the Ministry of Science and Technology (MoST), who entered the convention's flagship startup competition (Start-Up Stadium).
A victory was reported even before the convention opened: Taiwan's Pharmasaga will represent Taiwan to compete against teams from around the world for the championship. This marks the first time a Taiwanese startup team has entered the finals since US BIO began hosting the competition in 2017.
MoST Biomedical Startup National Team Demonstrates Strong Capabilities, Standing Out from Global Competitors
US BIO is the world's most critical biomedical exhibition, gathering over 3,000 companies with 15,000 experts from industry, government, academia, and research, and attendees from more than 60 countries. The United States is the global hub of the biomedical industry and a vital gateway for Taiwan's biomedical startups to link with international markets. This year marked the first in-person event for US BIO after a two-year hiatus due to the pandemic, making the scale unprecedented. MoST joined the Taiwan Pavilion organized by the Executive Yuan, leading 14 top Taiwan biomedical startups participating, leveraging cross-ministerial efforts to actively assist the teams in connecting with major international corporations and opening overseas markets.
In addition to booth exposure, the convention organized one-on-one partnering and public presentations to enhance the success rate of business negotiations. The Start-Up Stadium competition, in particular, is a coveted stage for global startups seeking exposure. Winning teams gain opportunities for further discussions with leading corporations and venture capitalists, aiming to secure funding and deals. This year, over a hundred teams applied globally, with only 42 teams making it to the finals. Surrounded by teams from Europe and America, only two teams from the entire Asian region, including ours, were shortlisted, underscoring Taiwan's internationally recognized competitive strength.
Pharmasaga's Drug has Potential to Cure Diabetes; Magsis Bio's "Antibody Lock" Technology Recognized
Pharmasaga specializes in diabetes drug development. It was the first to discover that Pdia4 plays a critical role in diabetes progression and beta-cell failure, and identified its small-molecule inhibitor, which holds the potential to become the first drug to cure diabetes. This drug has already obtained US FDA Investigational New Drug (IND) clearance. The other shortlisted team, Magsis Bio, developed the "Universal Antibody Lock" technology, which adds a lock-like protein structure to monoclonal antibodies. This structure only unlocks upon contact with proteases in the disease area, allowing the antibody drug to precisely target diseased cells and significantly reduce therapeutic side effects, earning the judges' favor for its high commercial development potential.
The shortlisted teams will proceed to present to global biomedical giants and venture capitalists during the convention, competing for the final championship and opening up subsequent opportunities for one-on-one negotiations, collaborations, and fundraising. Beyond striving for outstanding performance at the exhibition, the MoST hopes these teams will achieve subsequent commercial success, penetrate mainstream European and American markets, and establish Taiwan's reputation on the global biomedical stage.