Aiming at the Future of Precision Medicine Market
Primo Biotechnology recently completed its seed round of funding, led by AVA Angels. The seed round successfully raised 4 million, combined with 2.5 million from the angel round, resulting in a total capital increase of 6.5 million for Primo Biotechnology within just two years of its establishment. This capital increase holds significant meaning as Primo Biotechnology has gained the professional recognition and support of 40 alumni from the National Taiwan University College of Medicine since its inception. With AVA Angels increasing their investment in both funding rounds, it demonstrates investors’ confidence in Primo Biotechnology’s founding mission and development potential. The company is dedicated to developing next generation radioligand therapies to enhance precision medicine. This successful funding round will help propel Taiwan’s medical industry towards next-generation precision medicine. Furthermore, recently, Primo Biotechnology has been actively establishing strategic partnerships with GE Healthcare and various biotech companies both domestically and internationally. This showcases Primo’s determination to become an influential world-class radiopharmaceutical facility in Asia, with their sights set on the global multi-billion-dollar market for next-generation precision medicine, which holds immense potential.
The blue ocean market for next-generation radiopharmaceuticals
Radiopharmaceuticals with precise targeting, diagnostic, and therapeutic functions have emerged as a groundbreaking advancement in the global healthcare industry. These new radiopharmaceuticals offer a higher cure rate for cancer treatment while considering the quality of life during the process. Market research agency MEDraysintell predicts that the global market for nuclear medicine will grow at an astonishing compound annual growth rate of 33% from 2020 to 2030, while radiodiagnostics will grow at a compound annual growth rate of 6%. The combined annual value of radiodiagnostics and radiotheranostics is estimated to reach nearly 30 billion USD.
For the diagnosis of prostate cancer, neuroendocrine tumors, and Alzheimer’s disease, there are already several new types of radiopharmaceuticals available worldwide. However, due to the overall shortage of production capacity, Taiwan currently faces a supply-demand imbalance, and only a few medical centers can use these medications. To benefit more patients in Taiwan, Dr. Huang Ya-yao, an expert in radiopharmaceuticals, and Dr. Yeh Jau-yuan, CEO of aetherAI, jointly founded Primo Biotechnology. Over the course of two years, they have attracted top talents in precision medicine in Taiwan, forming a professional team that spans both radiopharmaceutical and PIC/S GMP pharmaceutical fields.
The team includes experts in radiopharmaceutical production and nuclear medicine from institutions such as National Taiwan University Hospital, Taipei Veterans General Hospital, and Linkou Chang Gung Memorial Hospital. The team member, Dr. Chang Chih-wei, a pioneer in nuclear medicine in Taiwan, served as the head of the accelerator center at Taipei Veterans General Hospital and was the first person in Taiwan to produce FDG. Additionally, they have high-level pharmaceutical experts who have previously held positions at U.C. PHARMA Co., Ltd and other biotech companies.
In addition to establishing a stable and high-quality supply chain for radiopharmaceuticals, Primo Biotechnology is actively building strategic partnerships with GE Healthcare and various domestic and international biotech companies. We aspire to contribute significantly to the global healthcare industry with excellent next-generation intelligent medical technology.
Dr. Huang Ya-yao, the co-founder and CEO of Primo Biotechnology, has long been dedicated to enhancing Taiwan’s precision medicine through radiopharmaceuticals. She previously served as the head of the cyclotron center at National Taiwan University Hospital and as a lecturer at the Nuclear Medicine Department of National Taiwan University.
Dr. Huang stated, “In the past, Taiwan heavily relied on imports for radiopharmaceuticals, and its domestic production capacity was insufficient. To produce in Taiwan, compliance with both the Atomic Energy Council and the Food and Drug Administration’s regulations is required, and the international PIC/S GMP guidelines are becoming increasingly stringent. Compliant and stable production and manufacturing have become the crucial and final steps in popularizing radiopharmaceuticals.” During the fundraising process, the Primo Biotechnology team received significant support, and this round of funding will greatly contribute to the company’s goal of becoming an influential world-class radiopharmaceutical facility in Asia. Leveraging decades of accumulated experience in radiopharmaceuticals and GMP pharmaceuticals and equipped with advanced radiopharmaceutical production facilities, Primo Biotechnology aims to complete its radiopharmaceutical facility by the end of 2023. This milestone represents the possibility of using radiopharmaceuticals to propel Taiwan’s healthcare towards the next generation of precision medicine and signifies their entry into the global biotechnology blue ocean market for next-generation precision radiology treatment.
AVA Angels’ CEO, JJ Fang Junjie has observed from a long-term professional investment perspective that since 2020, international pharmaceutical giants in Europe and the United States have been engaging in large-scale acquisitions of radiopharmaceutical facilities. Notable acquisitions include Novartis, GE Healthcare, and Bayer, which reflects the global pharmaceutical industry’s recognition of the importance of next-generation radiopharmaceuticals and its optimism regarding the market demand for precision medicine in the future.
Due to the characteristics of radiopharmaceuticals, which have limited transportation half-lives, the Asian region requires international-level facilities and research teams to overcome cross-regional transportation limitations and meet the demand for next-generation precision medicine among patients with significant diseases in Asia. This positioning is what Primo Biotechnology aspires to achieve in the Asian region as an international pharmaceutical facility.