Hong Kong pharma start-up joins with Singapore technology agency in venture fund

Aptorum Group, a Hong Kong drug developer listed on Nasdaq, will invest in health care start-ups in Singapore, working alongside the city state’s government technology agency to channel US$90 million into promising companies.

Aptorum and Aeneas Capital, both controlled by boutique investment bank co-founder Ian Huen Chung-yuen, signed an agreement with A*ccelerate Technologies on Wednesday to invest the funds over the next five years.

A*ccelerate operates under the Singapore’s Agency for Science, Technology and Research, and is tasked with helping to commercialise ideas and intellectual capital into marketable products and services.

The pact would allow Aptorum and Aeneas to leverage financial and technology development resources regionally and expand beyond Hong Kong when it comes to development of its own drug candidates.

“Hong Kong’s relatively small population means the number of patients for clinical trials is quite limited and trials need to be conducted elsewhere,” said Huen, Aptorum’s founder and chief executive. “Our collaboration with [the agency] ... will allow us to access and develop the excellent expertise and technological ecosystems in Singapore.”