The Ministry of Science and Technology, Institute for Biotechnology and Medicine Industry (IBMI), and Diamond Biofund Inc. initiated cooperation within the biotech value chain. Diamond Biofund announced on December 9, 2014, the investment of NTD 1.8 billion (approx. USD 60 million) on technology transfers from National Taiwan University, Academia Sinica, Taipei Medical University, and National Defense Medical Center. Three new businesses are incorporated, Concord Science, Sinew Pharma Inc. and 3D Global Biotech Inc., in areas of small molecules new drug, non-hepatotoxic painkillers, and advanced 3D implantable medical material and devices.

Chen Wei-Jao, Chairman of IBMI expressed that in the past, venture capitals rarely fund early stage innovative research and high risk technologies. In light of this, the Institute for Biotechnology and Medicine Industry and Diamond BioFund Inc. signed a contract in 2012 to finance these early stage researches, providing them opportunities to step out the labs and commercialize the results, as well as establish an academic incubation fund through corporate investment.
William Lu, Chairman of Diamond Biofund stated that long term investments will be adopted for these academic start-up companies. Our current management team includes successful and experienced scientists and academic R&D members. Funding will be invested by Diamond Biofund Inc. in the first round, and as products enter different phases, a second round of fund raising will be initiated.
Concord Science has employed Dr. Wen-cheng Lee, PhD as Senior VP and Head of R&D. Dr. Lee’s past experience included Deputy Director of Medicinal Chemistry at Biogen Idec in the US, and VP of Bio-Medicinal Chemistry at Shanghai Medicilon Inc.

Sinew Pharma Inc. technology transferred metabolism enzyme regulating platform from National Defense Medical Center, and has completed phase Ia for non-hepatotoxic painkiller SafeTynadol.
3D Global Biotech Inc. focuses on the development of advanced 3D implantable medical material and devices. The leading scientist is Dr. Ou Keng-Liang, Dean of College of Oral Medicine at Taipei Medical University. It is the first advanced medical device company in Taiwan using cell and tissue to administer pre-clinical 3D printing application.