The Innovation and Technology Commission has released HK$469.05 million from the HK$5 billion Innovation and Technology Fund, to help technology start-ups, to the end of August. Of 939 applications, 210 were approved during the period. A total of 67 projects worth HK$287.75 million have been approved under the innovation and technology support programme, which supports research and development by university and industry organisations. The university-industry collaboration programme had 62 approved projects worth HK$92.31 million. PharmacoGenetics, a Hong Kong University of Science and Technology-supported company started by its professors, has been approved to receive up to HK$2 million under the small entrepreneur research assistance programme. Chairman Hannah Hong Xue said the company aimed to build a genetics database on the Chinese population to identify disease-related genes. The company plans to collect licensing fees from drug developers who use the database. Last week, Kinetana Hong Kong Herbal Pharmaceuticals received HK$6 million under the university-industry collaboration programme. It is developing traditional Chinese-medicine products for treating liver cancer in co-operation with the university using 'artificial gut' technology. It is also collaborating with the Chinese University of Hong Kong on testing and validating a technology developed by Kinetana to identify 'active' ingredients from herbs for treating cardiovascular diseases.