Hong Kong biotech start-up raises funds from Nan Fung Group

A Hong Kong biotechnology start-up using fish embryos to test for toxic substances in food or cosmetics has raised investment from Nan Fung Group led by chief executive Antony Leung Kam-chung, the former financial secretary of the city’s government.

Vitargent (International) Biotechnology announced on Thursday it has raised an undisclosed sum in a Series B round led by property developer Nan Fung Group, with Leung to chair the company’s Business Advisory Committee.

Vitargent will use the investment for research and development, expanding its markets and hiring lawyers to make patent applications, according to chief executive Jimmy Tao.

“From our cooperation with our European clients we also understand that in the coming five to 10 years, India and China will be the biggest consumer markets,” Tao said. “I think we as a company in Hong Kong have the best position.”

Tao declined to disclose the size of the investment, but said it valued the company among the top five start-ups in Hong Kong.

Vitargent’s technology uses transgenic medaka fish and zebrafish embryos to test for toxic substances across products from cosmetics to cooking oil.

The company’s testing method relies on specially designed fish embryos that turn fluorescent or develop abnormalities and tumours when exposed to certain toxicants.