Biomagnetics (BMGP) Enters Chinese Biotech Market

10-Sep-2008 - China

Biomagnetics Diagnostics Corp. announced they have formed a joint venture with Dr. Hai Shiene Chen and ACGT DNA Technologies Corporation, a company in Canada's DNA industry with extensive ties to China’s medical industry. The company will focus on the creation of a separate Chinese Corporation (a subsidiary of BMGP) to establish a functioning presence in China. ACGT currently has a separate operating division based in China. The goal is to use their expertise and connections to help form BMGP’s Chinese division and qualify it for funding assistance from the Chinese government’s high tech Incubator Program.

BMGP plans explore stem cell and genetic engineering application opportunities within China. Unlike the United States, China has no restrictions on stem cell research. Couple that with a highly trained and skilled labor force makes China ideal for biotechnology development.

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