Chakra Biotech Sdn Bhd
Chakra Biotech Sdn Bhd Completes Series B Investment Round

Chakra Biotech Sdn Bhd / 

29.03.2010 16:00

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PENANG, Malaysia, March 29, 2010 (GLOBE NEWSWIRE) -- Chakra Biotech Sdn Bhd, a
Malaysian based Contract Research Organization (CRO), has completed a MYR18.2m
Series B funding round. This brings total funding for the company to MYR20.0m.
Malaysian Life Sciences Capital Fund Ltd. (MLSCF) and the Malaysian Technology
Development Corporation Sdn Bhd (MTDC) participated in the round. 

Chakra Biotech is a CRO meeting the growing needs of pharma and biotech
companies for better ways of assessing their discovery stage psychiatric
compounds using in-vivo efficacy models. Chakra Biotech CEO Anthony Bishop
said, 'The Series B investment is a strong sign of the confidence we share with
our investors that our full range of service offerings are valuable to our
customers, particularly our proprietary chakragati (ckr) mouse model for
screening new psychiatric drugs.' 

Chakra Biotech's key services to the pharma and biotech industry are modeling
the efficacy of psychiatric and other CNS discovery compounds. The Series B
investment will be used to further characterize the proprietary ckr mouse model
for psychiatric diseases, ramp up business development activities and expand
testing capacity by developing a new 20,000 sq. ft. facility in Malaysia. The
company projects it will employ 60-70 staff by 2012 and offer a comprehensive
range of world class screening technologies. 

The ckr mouse model is a US Patented transgenic model of psychiatric disease.
'Schizophrenia is a devastating disease effecting 1% of the global population.
Current drugs have poor efficacy and many side effects. The ckr mouse model
allows our customers to predict how their discovery compounds affect human
schizophrenia. That knowledge gained early in the process of discovering better
drugs for schizophrenia patients is vital to the discovery of the next
generation of drugs,' said Dr Anil K. Ratty, the Founder and Chief Scientific
Architect at Chakra Biotech. 

Dr. Roger Wyse, Chairman of the Chakra Biotech Board and Co-Chairman of MLSCF,
commented, 'We have completed this significant investment round because we
believe that despite the current financial climate this investment will allow
the company to reach very significant milestones and add new services of
significant value to their customers.' 

'MTDC is pleased to be involved with Chakra which we believe is poised for
strong growth. Our investment will help the company to generate intellectual
property, employment opportunities for local scientists and knowledge workers
as well as supporting our Government's initiatives of transforming Malaysia
into a high-income knowledge economy,' said Norhalim Yunus, the CEO of MTDC. 

About Chakra Biotech Sdn Bhd

Chakra Biotech is a Contract Research Organization (CRO) based in Penang,
Malaysia meeting the growing needs of pharma and biotech companies for better
ways of assessing their discovery stage psychiatric compounds. The company
commenced operations in 2008 and now offers a full range of in-vivo behavioral
services. Malaysian Biotechnology Corporation awarded the company Bionexus
Status and a Commercialization Seed Grant. Also in 2008, MLSCF and MTDC
invested in the Series A funding round. 

The Chakra Biotech Sdn Bhd logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7272 

About MLSCF Ltd.

The Malaysian Life Sciences Capital Fund (MLSCF) specializes in early stage
investments in the areas of agriculture, industrial and healthcare
biotechnology. Co-managed by Malaysian Technology Development Corporation Sdn
Bhd (MTDC) and Burrill & Company, the fund was founded in late 2006 and
currently has USD150 million in committed capital. MLSCF is organized to invest
in Leading, Privately Held Life Science companies with Malaysia centricity and
deliver on the twin objectives of superior financial results and advancing the
life science eco-system in and for the country of Malaysia. 

About MTDC Sdn Bhd

Malaysia Technology Development Corporation (MTDC) was set up by the government
of Malaysia in 1992 to spearhead the development of technology businesses in
Malaysia. MTDC has evolved to become the leading integrated venture capital
solutions provider in Malaysia. To date, MTDC have invested more than RM350
million in more than 50 companies. 

CONTACT:  Chakra Biotech Sdn Bhd
          Anthony Bishop, CEO
          +601 2401 0160
          anthony.bishop@chakrabiotech.com.my

News Source: NASDAQ OMX



29.03.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP.
Media archive at www.dgap-medientreff.de and www.dgap.de

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Language:     English
Company:      Chakra Biotech Sdn Bhd
              
               
              United States
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         US9901230931
WKN:          
 
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