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news.US-China joint venture pharmaceutical company, Ascletis, has received a record-level research and development grant of around RMB10m (approximately $1.6m) from Hangzhou National Hi-Tech Industrial Development Zone (HHTZ).
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The grant has been provided as part of the ‘5050 Plan’ that aims to incentivize and assist start-up, technology-based companies within HHTZ, Hangzhou, Zhejiang Province.
HHTZ director Sheng Kong-Liang said the funding would help recognize the opportunity offered by Ascletis to create a pharmaceutical company in Hangzhou that will develop innovative products both for China and for the other parts of the world.
"Not only have they raised a $100 million Series A financing from private investors, but they have assembled a world class team of globally experienced pharmaceutical developers," Kong-Liang added.